Post neoclassical endogenous growth theory

This week is the Labour party conference, so I thought it appropriate to give over some space on this blog to Important Economic Concepts.

In contrast to the older neoclassical growth theory, endogenous growth theory argues that policy measures can have an impact on the long-run growth rate of an economy, even if they do not change the aggregate savings rate. [Courtesy of Wilkipedia]

Well, indeed.

A close second in my Top Ten Economic Concepts is:

The Chancellor of the Exchequer.

The current incumbent is none other than the Rt Hon Gordon Brown MP.

His dark, brooding, Heathcliffian looks have helped economic concepts (such as his much-loved Prudence) reach parts of the female population that Alan Greenspan could only dream of. He is Scottish (think: thrift - who wouldn't want a Scot twiddling with their pursestrings?) and when he mumbles his lower jaw shoots around in a gravity-defying display of mandibular acrobatics. He's blind in one eye (the result of a teenage rugby injury - only adding to The Swoon Factor) and tall, awf'lly tall. He is an undisputed champion of the Third World (and looked very handsome in a white linen shirt on a recent visit to Africa) although, domestically speaking, I fancy he is something of a control freak and would run the nation's public services from his front room given half the chance. Oh, and he's tipped to take over from Tony.

However, I cannot vouch for his taste in shoes (but I'm keeping an eye out).