The Schumpeterian growth process

The Schumpeterian growth process

The National Tariff Policy 2025-2030, like previous episodes of tariff liberalisation in Pakistan, has ignited a debate between economists who support the essence of open markets and economic freedom, and specific interest groups who prefer the status quo of high tariffs and trade protection. On the one hand, economists push for increased competition, fostering innovation and embracing productivity and efficiency gains through the upgrading of p…