Many if not most analyses of Britain’s economic difficulties suggest that slow growth is at the heart of the problem—and an acceleration of growth the obvious cure. Past experience in Britain and in the Third World casts doubts on this.
The eradication of unemployment poverty and other social problems depends as much on structural change as on growth. Economic policy, therefore, needs to be directed much more explicitly towards what is needed to restructure the British economy in the short and over the longer run. It is not even clear that aggregate growth has more than a minor part to play in the process.