Not easy at all; but: new economic conjuncture starts with new ideas of growth.

YES BUT

1) Do new things that nobody wants, or that nobody wants to pay for?

2) Use new techniques that nobody is trained for, to produce in facilities which are too costly or do not exist?

WHAT ABOUT the demand-side?

WHAT about the affordability?

There is no algorithm or protocol for economic growth.

This is too simplistic. If it were all that easy, we all would have been in a Paradise World by now.

Indeed Prof. Moremi, Prof. Hausmann is so good lately predicting economic growth that he left interim pres. J. Guaido alone (as we say in coloquial venezuelan Spanish "le dejo el pelero" :)

https://www.infobae.com/america/venezuela/2019/09/27/ricardo-hausmann-renuncio-como-representante-de-venezuela-ante-el-bid/

There are no protocols or algorithms for economic growth even for growing free cash to debt and equity holders at a micro level, but there are levers that agents can pull to accelerate economic activity Joseph Tham . Ricardo Hausmann is proposing his view of levers that can be pulled to accelerate economic activity.

Thank you for your contribution Emmanuel V Murray

Do you have an alternative? Ricardo Hausmann has put his views based on the studies he did. I am not saying they are correct, but he has put something on the table.

Prof. Pedro L. Contreras E.

I understand the criticism that he may face back in his home country, but to the best of my knowledge he had been doing this work for sometime, not necessarily, predicting growth, but studying the differences between economies. This is what what most academics did, Michael Porter, initially at a micro level, Clayton Christensen.

Thank you for your contribution Renaud Di Francesco

You would not produce things that nobody wants or want to pay for. No investor, irrespective of who they are, would take that risk.

Having said that however, there are two (2) type of innovations; 1) demand pull - these are what most people are used to. There is a second type; 2) demand push types of innovations. The modern day internet, then Aparnet, started by the DOD in the USA, there was no customer, but look at today. Equally, what is today known as Google and many others followed this pattern

Net, there are many ways to skin the cat.

I guess Dear Prof. Kheepe Lawrence Moremi Prof. Hausmann was our ministry of Economy until 1992, when our economy growth was good enough. I guess, he tried altogether with former President Carlos Andres Perez & Miguel Rodríguez Fandeo to enter globalization & increase a few cents gas prices, when chavez tried a coup d´etat.

I do not know his historical background, Prof. Pedro L. Contreras E. but the study he claims to have done makes sense to me. It is in fact, common sense.

I was in Moscow during his timeline as a venezuelan ministry of planification [1] Prof. Kheepe Lawrence Moremi, but I was awarded an scholarship "Andres Bello" to go to Moscow by his predecesor Rodriguez Fandeo [2] (as CORDIPLAN director), I just realized it by looking at wikipedia.

[1] https://es.wikipedia.org/wiki/Ricardo_Hausmann

[2] https://es.wikipedia.org/wiki/Miguel_Rodr%C3%ADguez_Fandeo

Thank you for the background information Prof. Pedro L. Contreras E.

Yes, I agree with you.

Thank you Isam Alkhalifawi

As Bismarsk said, two things are important for economic growth: low taxes and free enterprinership

Great contribution Nurlan Nurseiit and I agree with you Arben J Salihu

Is economic growth easy?

First the practice. Countries such as China have achieved a lot of it over recent decades, both total economic growth and per person, but many sub-Saharan countries never have achieved significant economic growth per person. Britain achieved exemplary economic growth in the 18th and 19th centuries, but seems to have found it almost impossible during the last ten years. Clearly experience differs, so growth is not that easy.

Secondly, the theory. The focus in the last few decades in the theoretical literature has been on resources and technology, with perhaps an overemphasis on labour and capital resources, and an underemphasis on oil and other natural resources, and also an overemphasis on production technologies, and an underemphasis, or more often complete ignoring, of transaction technologies. Even Adam Smith in 1776, judging by his first 3 chapters in the Wealth of Nations, knew something of the importance of the size of the market, and the transactions costs which drive that, but currently, one could be forgiven for thinking that economists have lost all contact with the history of their subject.

It is not all production. Amazon is an example of a company working to reduce transactions costs, and arguably that has had more effect than any recent change to production technology. Historically, one of the most important changes was railways, and their effect on markets and transactions costs.

Economic growth will never be easy if economists have very little understanding of it, and I haven't even got round to coronavirus and public health goods such as protection from infectious diseases.

Yes I agree with you, but that phrase depends on the country of residence.

Yes, interesting statement

Basically, economic growth involves both doing new things or produce new things; as well as using new techniques to produce the new things. The third parameter that must be available is an achieving leadership that spurs the people to be self-actualizing.

Economic Growth is produce goods and services and It is measure with Gross Domestic Product, is a quantitative indicator.

Thank you for a detailed response David Bywaters . I agree with the essence of your point. Efficiency stage economies typically focus on the denominator and not so much on the numerator (new products and services), They focus on being faster, better etc.,

I don´t agree because economic growth is a process so difficult. It depends on population, financial and natural resourses, technology, knowledge, etc.

Thank you Martha Pantoja Helmi Noviar Kabiru Saidu Musa Widyasmoro Priatmojo Okechukwu Dominic Nwankwo for your time and contribution.

I don't think so, because, Economic Growth is a Phenomenon (an Established Process), not like Economic Development( an Ensuing Process) which has certain pre-destined (Basic Necessary)goals like removal of poverty (Both Absolute & Relative), Unemployment, Self-Reliance, Global Minimum standards of HDI for People, Justful Distribution of National Wealth & Income.

Economic Growth warrants Any Generation of Wealth & Income over and Above in terms of Profiteering (Both Public & Private or Joint sectors) can be at the outset, target maintenance of Economic Development sustainably well and the capital surplus can be planned for Appropriate Research & Development in Much Deserving Sectors viz., Natural Resource-Saving, HDI Enhancement, Environmental Protection and Priority Based Advanced Research Development in Science & Technology.

We Cannot permit countries who are yet to attain Basic Goals in the Domains of Economic Development should not act like Developed Countries who have already achieved the process of development and set to achieve targets of Growth with the view to protect Global Human Dignity.

Thank you for your thoughtful and detailed contribution J A Arul Chellakumar

Economic growth is a successive and comparative increase in the monetary value of final outputs over the years in a country .

Some economic growth indicators are:

An increase in Gross Domestic Product

Stable Inflation

Wage growth in real terms.

Higher industrial production

Increase in Gross Domestic Product per capita

Thank you Martha Pantoja and Samaila Adamu for your time and contribution.

Dear all

It´s no easy to have economic growth in a world in which the population grows faster than goods and services. In Keynesian theory, the fundamental variable that drives economic growth is effective demand, but if people do not have an income due to lack of employment, they cannot consume.

@Martha pantoja, that may go to per capita growth right?

Samaila Adamu:

No, because per capita income is a calculation that is performed to determine the income received, on average, by each of the inhabitants of a country; that is, on average. It is assuming that all people in a country receive that income, which is not true.

Yes

Thank you Tijjani Ibrahim Martha Pantoja Samaila Adamu for your time and contribution.

Martha Pantoja in the absence of domestic demand, (X-M) should deliver growth?

But, factoring population into the analysis is a pointer to income per capita.Common proxy for economic growth is GDP/GNI growth, and without population in either of the two @Martha Pantoja, but I stand to be corrected please.

Thank you

Kheepe:

I believed that economic growth must be driven by domestic demand. Its important to point out that exports is an external variable, although it can be influenced through the exchange rate and tariffs.

Produce new things

Thank you Saheed Olasunkanmi Oduola Martha Pantoja

Insightful and educative

See GDP as a measure of aggregate income / economic growth in the work of A.A. Azlina et al. / Energy Policy 73 (2014) 598–606.

I see the need for bringing in population into income / economic growth analysis when talking about per capita income as a measure of standard of living which tend to be high when there is equitable income distribution per head of the population.

Economic growth is the increase of goods and services in a span of time.

Economic development is the increase of living standards.

Thank you for a lively discussion Samaila Adamu Saheed Olasunkanmi Oduola Martha Pantoja

Economic growth is commonly measured in terms of the increase in aggregated market value of additional goods and services produced, using estimates such such as Gross Domestic Product (GDP).

Thank you for your time and contribution Martha Pantoja

Thank you for your time Alaa Ali

Economic growth is a quantitative indicator, is important, it is used in most countries.

Thank you for your contribution Martha Pantoja

Economic growth is easy because is an increase or decrease in the production of goods and services in an economy compared from one period o time to another.

Economic growth it can be measured in nominal or real (adjusted for inflation) terms.

Thank you for the continued engagement Martha Pantoja

Much appreciated.

You are welcome Kheepe Lawrence Moremi

Economic growth is easy because in measured by Gross Domestic Product.

Thank you Martha Pantoja

"The Gross Domestic Product (GDP) of an economy is a measure of total production. More precisely, it is the monetary value of all goods and services produced within a country or region in a specific time period". (Max Roser).

This was the case during the first industrial revolution in the eighteenth and nineteenth centuries, when industrial branches were among the fastest growing industries in the economy. Besides, when economic systems and market structures functioned mainly in accordance with the principles, laws and formulas of classical economics, then the issue of economic growth is mainly related to the productivity, production of economic entities, and the development of production in many industries and sectors of the economy. However, since the Great Depression, also known as the Great Recession of the 1930s, many more factors are responsible for generating economic growth. First of all, the importance of anti-crisis, pro-development, interventionist socio-economic policy, including fiscal, budgetary and sectoral policies, is growing, and since the 1970s, the importance of monetary policy has also been growing, under which interventionist instruments used to activate economic growth are developed and applied. However, in the current reality of the fourth technological revolution, the advantage of manufacturing service sectors in economies, the growing importance of sustainability in the context of socio-economic development, the growing importance of pro-environmental policy, the development of the economy towards a sustainable, green circular economy, the issue of activating economic growth is changing its meaning and character. In addition, the instruments of anti-crisis socio-economic policy used during the increasingly frequent economic and financial crises consume more and more financial outlays, and the effectiveness of their pro-development activities becomes more and more limited. If, as part of the application of interventionist, anti-crisis instruments of socio-economic policy, including fiscal and monetary policy, costs continue to rise, the debt levels of the state finance system increase, inflation increases, citizens' confidence in financial systems decreases, etc., then the anti-crisis policy conducted in this way works mainly in short-term terms limiting the scale of the economic crisis, limiting the recession of the economy, increasing unemployment, decreasing production, income and investment. On the other hand, in the long term, the key problems that may generate further economic and financial crises are not solved. In view of the above, the importance of economic growth and the instruments of its interventionist activation has been changing in recent years.

Best regards,

Dariusz Prokopowicz

Thank you for providing the historical perspective and the current reality of economic growth in the 4th industrial environment Dariusz Prokopowicz . I concur that there are lots of variables to take into account.

Economic growth is not easy, because it depends of many factors. But is key to generate wealth.

I concur Martha Pantoja

The growth of economy needs money and innovation, it is also based on a high level of marketing. But actually unders the pandemic conditions, the economy faces serious problems .

Thank you for your perspective Saliha Boutora

Kheepe Lawrence Moremi You welcome !

Economic Growth is the positive change in the indicators of economy.

It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.

Thank you for your contribution Martha Pantoja