Specifically, the ultimate answer to restoring prosperity and vigorous job growth lies in policy reforms that create a more favorable environment for the creation and growth of new businesses.

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However, it warned that in order "to sustain vigorous and socially inclusive growth over the longer run, renewed reform momentum is required".

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Optimists argue that every deep post-war recession has been followed by a vigorous recovery and that growth will be well above its trend rate in 2010.

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The flaw in their theory was that forests need periodic episodes of destruction to clear out old growth and dead wood so that new, more vigorous growth can flourish.

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But starting in 1983, the inflation beast defeated, a new era of vigorous growth got under way, based on innovation and long-term investment.

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But in fact he and his colleagues made a surprising finding at Oxford: that fetal lambs spent most of the day making vigorous breathing movements, and that these were essential to the growth of their lungs.

ECONOMIST: Mont Liggins | The