A groundbreaking study that shows how countries can create innovative, production-based economies for the twenty-first centuryAchieving economic growth is one of today's key challenges. In this groundbreaking book, Michael Best argues that to understand how successful growth happens we need an...

In spite of the widespread use of the concept of potential output in economic theory and empirical applications as well as in economic policy debates, the historical background and the assumptions inherent to this concept are rarely made transparent, let alone critically questioned. Against this...