Following three turbulent decades, there are signs that vigorous economic growth is attaining renewed momentum in North America and Europe. Many of the Asian "tiger" nations, on the other hand, have suffered catastrophic reverses in what had previously been extraordinarily successful growth experiences. Because growth in the output of goods and services is almost synonymous with increases in the material well-being of nations' citizens, the sources of economic growth and the prospects for sustaining it through the twenty-first century are matters of extraordinary interest to business, trade union, and government leaders alike.
After struggling with the question for more than two centuries, economists have begun to advance new theories of how economic growth occurs and what conditions its sustenance demands. To explore these new perspectives, the British--North American Committee (BNAC) asked one of its members, Professor F. M. Scherer of the John E. Kennedy School of Government, Harvard University,