The best way to attain economic growth depends on which nation you belong to. This is because in the US, the concept of private property and freedom is linked closely with the spirit of capitalism. Consequently, when discussing the question of what is the best way to attain economic growth in the US, one must also discuss how free markets work. Markets are the processes in which goods and services are traded. There is a marketplace where buyers and sellers come together to establish a bargain or a deal.
If you go by the standard of classical liberal economic thought, there is no such thing as a free market. For classical liberal thinkers, the state is the true force for good economic policies. They believe that competition leads to optimum social outcomes. In their view, government intervention should neither be curtailed nor permitted so long as the welfare of the population is assured. So, when thinking about what is the best way to attain economic growth for a nation, one must understand that the welfare of its citizens is the top priority.
Contrary to this, other economic thinkers believe that markets lead to optimum economic growth if they are left unfettered by governmental regulation. In this case, they believe that businesses have the freedom to choose whether to engage in commerce or create monopoly franchises that serve as the engines of economic growth. Monopoly is the opposite of free-market competition. It is the means whereby a business becomes exclusive by establishing a monopoly. When a business becomes exclusive, it reduces competition and hence, allows the business to attain greater heights of achievement.
No doubt, there is a distinct difference between these two theories. However, both still hold equal significance in the attempt to answer the question of what is the best way to attain economic growth. If a business becomes monopolistic, the economy grows at the cost of those who will be left without the privilege of owning the enterprise. Conversely, if it becomes too exclusive, the economy stagnates or even experiences irreparable decline.
There is no denying that economic growth is highly dependent on the government's intervention. A vibrant and thriving economy requires the presence of governmental regulations and rules that protect its citizens from undue exploitation and unjust enrichment. Without such regulation, businesses will be allowed to take advantage of their fellow citizens without regard for their wellbeing. This will result in dire consequences for the nation. For example, if the business is able to charge artificially high prices to consumers, it will be compelled to find ways to ensure that it doesn't suffer a loss.
With respect to this dilemma, it is quite clear that no viable government policy can ever guarantee economic growth. That is why entrepreneurs should not be contented with the government's policies even if they were to enjoy all the benefits that they have been granted. Instead, they must seek out other means through which they can improve the overall performance of the economy. This will allow them to create jobs for ailing people, stabilize monetary liabilities, and increase the country's tax revenue. All of these endeavors will eventually benefit the entire nation.
However, entrepreneurs also have to keep in mind that it will take them a lot of effort and patience to get what is the best way to attain economic growth. While the government may be doing . . . . . . everything in its power to provide its citizens with basic services, entrepreneurs should take full advantage of other resources that are available to them. Such resources include superior technology and innovative strategies.
In conclusion, there is no one answer to the question, “What is the best way to attain economic growth?” Entrepreneurs and business owners have to carefully look at all of the factors that affect the state of the economy in order to determine what measures are necessary to reach their goals. They also have to be willing to take the time necessary to properly plan their strategies and implement them. At the same time, they have to know that the road to economic success will not be easy. It will involve a lot of sacrifice from the entrepreneurs, but they should be prepared for what lies ahead because after all, it is the path that leads to greater wealth and power.