nclsv grwth s cnmc grwth tht rss stndrds f lvngs fr brd swths f ppltn. t s wdly ccptd tht nclsv grwth s chllngng t b chvd n th rl wrld. Bth th ntngblty nd lng trm prspctv mk t lss dsrbl thn thr mr cnspcs cnmc trgts fr plcymkrs.
Thr s lck f cmprhnsv nd wrldly rcgnsd st f stndrds t systmtclly msr th nclsvnss f grwth, whch mks dt cllctn nd plcy vltn dffclt. Prpnnts fr nclsv grwth wrn tht nqtbl grwth my hv dvrs pltcl tcms.
Th dfntn f nclsv grwth mpls drct lnks btwn th mcrcnmc nd mcrcnmc dtrmnnts f th cnmy nd cnmc grwth. Th mcrcnmc dmnsn cptrs th mprtnc f strctrl trnsfrmtn fr cnmc dvrsfctn nd cmpttn, whl th mcr dmnsn rfrs t chngs n cnmc ggrgts sch s th cntry’s grss ntnl prdct (GNP) r grss dmstc prdct (GDP), ttl fctr prdctvty, nd ggrgt fctr npts.
Sstnbl cnmc grwth rqrs nclsv grwth. Mntnng ths s smtms dffclt bcs cnmc grwth my gv rs t ngtv xtrnlts, sch s rs n crrptn, whch s mjr prblm n dvlpng cntrs. Nnthlss, n mphss n nclsvnss—spclly n qlty f pprtnty n trms f ccss t mrkts, rsrcs, nd n nbsd rgltry nvrnmnt—s n ssntl ngrdnt f sccssfl grwth. Th nclsv grwth pprch tks lngr-trm prspctv, s th fcs s n prdctv mplymnt s mns f ncrsng th ncms f pr nd xcldd grps nd rsng thr stndrds f lvng.