Structural Transformation and Fundamentals

Traditional growth theories, which emphasize physical/human capital accumulation and technological progress, tend to underplay the significance of the following key aspects relevant to economic development: political economy, macroeconomic stability and the evolution of institutions.

Here are some excellent case studies that highlight the real world challenges of sustaining growth over the long run.

Argentina - A Cautionary Tale (A Century of Decline)
http://www.economist.com/news/briefing/21596582-one-hundred-years-ago-argentina-was-future-what-went-wrong-century-decline

Structural Transformation and Fundamentals – Will China Sustain Its Growth Momentum?

http://www.project-syndicate.org/print/michael-spence-believes-that-financial-markets--dramatic-shift-in-sentiment-is-badly-misguided

The NYTIMES has an interesting piece on Nobel Laureate Mike Spence. It highlights his policy recommendations for China in regards to avoiding the middle-income trap.

http://www.nytimes.com/2014/02/18/business/economy/nobel-winners-frank-advice-to-chinas-leadership.html

Governor of Nigerian Central Bank Fired For Highlighting Massive Government Corruption

http://www.nytimes.com/2014/02/21/world/africa/governor-of-nigerias-central-bank-is-fired-after-warning-of-missing-oil-revenue.html