Growth and Development

This is why I read Dean Bruner’s blog (the Dean of UVA’s Darden School):

Of course, we shouldn’t blame the media, for growth is yesterday’s news. The story today is all about the contraction—we are having a whopper of a sales-based contraction. But top-line growth is the much more common attribute of the U.S. economy than is contraction. Thus, even here at the depths of a recession, business practitioners (and even government officials) should study the attributes of growing companies and markets—and especially the attributes of those leaders who take enterprises through exceptional periods of growth.

The grinding pressure of a tough recession is a means of cleansing away the mistakes of the previous economic boom—so said Joseph Schumpeter and other economists of the Austrian School. Thus, a recession clears the way for innovation, new business development, and a new round of investing. After the deep recession we’ve experienced (since December, 2007), the field should be pretty clean. It is time for us to resume our conversation about growth. The authors of The Catalyst show us how.

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1 Comment

  1. Aaron Weber March 24, 2009 at 18:55

    If the dean of the Darden school fancies himself an economist of the (largely discredited, gold-standard advocating) Austrian school, then god help us all.


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