From bottleneck to bottleneck - Subir Gokarn

..........The traffic bottleneck metaphor provides a useful way to think about it. The impact of many reform measures can be effectively neutralised by the persistence of a small number of surviving bottlenecks. In this scenario, despite many of the "right" things being done, there is no visible growth dividend. However, when even some of these bottlenecks are removed, there is a very quick and visible pay-off in terms of accelerating growth. Eventually, though, a bottleneck is reached and the pattern repeats itself...........

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