Urjit Patel Quotes

For a developing country, average long-run growth of 5 percent a year per capita is excellent, and 7 percent is stellar.

There is much that remains mysterious about why some countries grow rapidly and some grow slowly.

While China succeeded in transferring nearly 150 million people from agriculture to manufacturing, we could not do so, due to lack of skilled manpower.

India needs to sustain its high growth rate.

If history judges society for how it treats those in need, so markets judge economies by the incentives they provide for private investment, the infrastructure that supports growth, and the burdens placed on job creation.

Regardless of how it is funded, consumption does not increase productivity; investment and innovation do.

All I'll say is if you look at countries where it is - where they are rapidly growing, they're investing in their infrastructure. They're investing in their educations. They are trying to streamline regulations, but they're not neglecting key investments.

Fiscal decentralisation does not lead to higher economic growth because economic growth is much more driven by factors other than taxes and spending, e.g. increases in technological progress and improved human capital.

To have a stable economy, to have a stable democracy, and to have a modern government is not enough. We have to build new pillars of development. Education, science and technology, innovation and entrepreneurship, and more equality.

Some economists believe that the Greeks' work ethic and thrift can pull them through. But the classical virtues can do nothing to offset the dearth of innovation that plagues the economy.

The world has shown that if you provide capital and expertise to an area that is starved for capital and expertise, really good things will happen.

Mass prosperity came with the mass innovation that sprung up in 1815 in Britain, soon after in America, and later in Germany and France: It brought sustained growth to these nations - also to nations with entrepreneurs willing and able to copy the innovations.

Our government is focused on creating jobs, growth and long-term prosperity and on creating the right conditions for Canadian businesses.

America's peak years of indigenous innovation ran from the 1820s to the 1960s. There were a few financial panics and two depressions, to be sure. But in this period, a frenzy of creative activity, economic competition and rapid growth in national income provided widening economic inclusion, rising wages for all, and engaging careers for most.

The standard growth theory tells us that economic growth in per capita basis comes from mainly two sources: capital deepening and total factor productivity growth, or TFP growth.

When ministers in this government talk about investing in education and skills, about making the planning system work; about employment law reform and delivering transport and power generation and broadband communication infrastructure, we are talking about raising Britain's productivity.

Jobs are critically important, but looking at economic change through the impact on jobs has always been a difficult way to think about economic progress.

We are determined to improve the economic environment by getting foreign investors in and by cutting red tape.

If you look historically, what creates growth and wealth is innovation and investment, and increase in scale - more customers.

Openness has been vital to Asia's fast growth in the past and it will continue to be crucial for the area's further development.

A country's economic growth may be defined as a long-term rise in capacity to supply increasingly diverse economic goods to its population, this growing capacity based on advancing technology and the institutional and ideological adjustments that it demands.

Investing capital in the free market creates innovation, businesses, jobs and economic growth. Investing capital in the government creates more bureaucracy, more paperwork and inefficiency.

An actual understanding of our economy is that our economy most depends on our rate of innovation... It's not actually understood by most of the people running for office, but it's not in fact disputed.

America's growth historically has been fueled mostly by investment, education, productivity, innovation and immigration. The one thing that doesn't seem to have anything to do with America's growth rate is a brutal work schedule.

Productive power is the foundation of a country's economic strength.