Change Quote by Edward A. Hudson
““Economic growth always involves change. New goods and services are introduced, patterns of spending and consumption change, production expands, new production processes are developed, production takes place in new locations, people choose to live in new locations and so on. The pre-growth world featured static economies, or economies which increased in scale or extent but not structure, whereas growth economies involve continuing structural change.””
About This Quote
Source Book: Economic Development Theory, Edward A. Hudson, 1998
Growth is driven by continual introduction of new products, processes, and locations, reshaping economies structurally.
In simple terms: Growth means constant change in goods, services, and how we live.
Key Takeaway
Adapt to change to thrive.
Themes
economy
innovation
structural change
development
globalization
Mood
optimistic
analytical
Type
educational
analytical
When to use this quote
- business strategy
- policy planning
- entrepreneurship
- career development
Key Concepts
creative destruction
technological diffusion
urbanization
Questions to Reflect On
- How can societies cushion workers during rapid change?
- What policies foster inclusive growth?
A Different Perspective
Structural change can cause shortterm disruption for workers and regions.
