Capital includes much more than buildings and machines. All economists agree that the right kind of investment at the right time is a central element of growth. B. Available resources. For an economy to grow it will need resources. What constitutes a resource at one time may not be a resource at another time.
Technology plays an enormous role here.
Greater participation in the market is another way by which available resources are increased. C. Institutions with incentives compatible with growth. Growth-compatible institutions must have incentives built into them that lead people to put forth effort, and that discourage people loafing and encouraging others to loaf. When individuals get much of the gains of growth themselves, they work harder. Markets that feature private ownership of property foster economic growth.