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Long-Run Growth and Public Policy

In: Social Capability and Long-Term Economic Growth

Author

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  • Vito Tanzi

Abstract

Eighty years ago, Joseph A. Schumpeter summarized his view of the factors that lead to economic growth as follows: The slow and continuous increase in time of the national supply of productive means and savings is obviously an important factor in explaining the course of economic history through the centuries, but it is completely overshadowed by the fact that development consists primarily in employing existing resources in a different way, in doing new things with them, irrespective of whether those resources increase or not ... Different methods of employment, and not saving and increases in the available quantity of labour, have changed the face of the economic world in the last fifty years’.1

Suggested Citation

  • Vito Tanzi, 1995. "Long-Run Growth and Public Policy," Palgrave Macmillan Books, in: Bon Ho Koo & Dwight H. Perkins (ed.), Social Capability and Long-Term Economic Growth, chapter 7, pages 142-156, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-13512-7_7
    DOI: 10.1007/978-1-349-13512-7_7
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    Cited by:

    1. Federica Calidoni, 2004. "Aggregate and Disaggregate Analysis of the Effects of Government Expenditure on Growth," Dundee Discussion Papers in Economics 160, Economic Studies, University of Dundee.

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