What the Data says about Economic Growth

(From IMO the best economics book of the decade. Here is the key quote:)

[A]n economy is most likely to begin rising steadily when the nation is emerging from crisis, has fallen off the radar of the global markets and media, and has chosen a democratic leader with a mandate to reform.

That leader will create the business conditions to attract productive investment, particularly in factories, roads, and technologies that will strengthen supply networks and thus help contain inflation.

The probability that a boom is about to end will rise as a nation gets too comfortable and as private companies and individuals run up debts to buy frivolous luxuries, particularly imported luxuries.

This period of extravagance will make it impossible for the nation to pay its foreign bills, while widening the gap between billionaires and the rest, and between the countryside and the nation’s capital, provoking a political backlash that brings down the now aging regime, after which the cycle can begin again.

'The Rise and Fall of Nations' by Ruchir Sharma
https://www.amazon.com/dp/B01C3NCZSG