How the State can boost growth

This is not quite the right time to be saying that the state can do a great deal for growth. In 2008, following the financial crisis, Keynesian prescriptions for government intervention came back into fashion. The only outcomes, it seems, are an advanced world neck-deep in debt and growth still not in sight. So, when a former chief economist of the World Bank comes along and affirms the role of the state in promoting growth not just in the short run but in the long run, people are bound to sit up and take notice.

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