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Daarshinie Nadarajan

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What is the fundamental factor that contributes to long-run growth?

Why have some countries achieved sustained long-run growth compared with those that have not?
What are the causes that spear heads nations in achieving long run growth? Looking back at the Industrial Revolution in Britain or European colonies in the New World, was it a single element or a prefect storm of endogenous factors that came together in creating a conducive environment for the take off?
Main stream ideas points to democracy and trade in creating incentives for economic growth.
What about geography and factor endowments? Why then can't these factors be applied to other nations? Share your thoughts?

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    Oct 7 2011: Daarshinie, the fundamental factor contributing the most for long run growth... is a vision and continuously evolving goals. If any economy, industry or individual is without a vision for growth, it will not sustain itself. There are many such examples where the individual or economy growth was rapid, but could not sustain, because of lack of vision.

    Vision and goals will drive for all resource of finance, manpower, etc. You can find it in all the countries, companies and individuals.

    And the second most important aspect is persistence and consistence till the end.

    Once you have both these things with you... you can have a sustained growth... and with every economy there is a phase of correction, which means revisiting your vision and goals to maintain that long run growth. Such periods helps them to resurge again as leaders.

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