Holy grail of economics

Dawn· 4h ago· 4 min read

SOME people may have watched Indiana Jones and the Last Crusade starring Harrison Ford as the eponymous swashbuckling archaeologist on a mission to find the holy grail — the cup said to grant eternal life to whoever drinks from it. In common usage, ‘holy grail’ signifies a highly sought-after goal that is extremely difficult or seemingly impossible to achieve. In this sense, economic growth is undoubtedly the holy grail of economics as it remains the most-coveted prize for policymakers everywhere. Globally, countries have reduced poverty and improved living standards through strong and sustained economic growth, not least because economic growth creates more high-quality jobs. China’s breakneck economic growth in the 1990s lifted hundreds of millions out of poverty and built the very foundation for China’s emergence as a global manufacturing powerhouse by the 2000s. At the same time, China’s rapid economic growth generated the necessary fiscal space for Beijing to build infrastructure,

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