Wings to fly

Growth is multidimensional and a necessity for human beings. But what is the better than to empower the people of a nation and giving them wings to fly!

Economic Miracles has happened in various parts of the globe. Rise of China from nothing to a global power within 4 decade is a miracle. East Asian tigers have reached the level of growth within very short span of time. These countries grew on traditional wisdom of free market and also unique experiences of their own. With protectionist voices rising future growth will have to be more than traditional wisdom of free markets. Some possible growth theories are:

• Consumption based growth: if allocation of resources/wealth happens more equitably then Consumption growth can propel economy. For example rich has too much wealth for current consumption, so they save. While if some of the riches of affluent people is distributed then it will reach to all those who need it for their current consumption. This will create demand, which will induce investment, which then will create employment hence more equitable distribution of wealth. So efficient resource allocation can initiate virtuous cycle of growth. But mapping poor efficiently has been a cause of concern worldwide. A efficient solution to this problem has been working in india. The architecture is known as aadhar which is a biometric identity of each individual in the country. Based on this government has identified targeted beneficiaries and has been a live saver in the Pandemic.

• Services based growth: when unitec states became comparatively disadvantaged for manufacturing goods everyone thought how will united states grow. But decades later united states has proved cynics wrong by remaining the biggest economy of the world. It has achieved this on back of services led growth. Big giants you name a few are all united states based companies. United States got huge help from migration. They opened their country to talented people across globe resulting in huge skilled manpower which drove its growth in last few decades.

• Innovation based growth: Although all resource contribute towards growth but none stand in comparison with human capital. This is the most important tool which enables all kind of growth. Capitalism excels because it believes in human capabilities and innovation. State however powerful is just a fraction of human resource. Whole is always bigger than the part. Creating infrastructure physical and to meet requirements of 21st century virtual is needed. Ecosystem and policies must be in place to aid individuals in their endeavors. Education system must work as feeder Institute toward creating valuable human resources. If all this is put in place, then excellence of individual will bring enormous results. People like elon musk and Steve Jobs will come to take benefits of these settings and will bring revolution on earth.

While policies and trade environment are many aspects of growth. But one thing which is ubiquitous to growth is human resource. We must empower humans and countries who will succeed in empowering their people will succeed in driving another miracle.

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