This paper reviews recent empirical studies linking the nature of public expenditures and taxes with the quality aspects of growth – its impact on poverty, income distribution, and the environment. The studies reviewed confirm that more spending on public goods and concomitantly less spending...

Human, natural, and physical capital assets are a country's main resources for growth and welfare improvements. Their distribution, growth and productivity largely determine people's income and welfare. The poor rely on human and natural capital in addition to physical capital, so the...