Explaining Economic Growth

Abstract

Ascertaining the factors that are specifically related to the poor growth record of the UK are difficult; none the less, the problems being faced by the British economy can be clearly seen in Table 5.1. Britain’s growth rate has been lagging behind that of its major competitors for well over a century. Economic theory in general provides important insights into the reasons why some countries have proved so much more successful than others. And, however elegant, economic growth theories all start from a recognition that there are certain key sources of economic growth.