"We need to change the model of growth," he said.
(In the sixties and seventies, journalists hailed the "Brazil model" of growth).
There are big questions to answer: on why our economic model of growth has failed to deliver for many people.
The key, however, will be how far China moves away from its current energy-intensive model of growth.
So Kazakhstan is using resources generated in the boom years to shift to a more sustainable model of growth.
Since then, the successive democratic governments have done very little to find an alternative model of growth.
"We identified the problems and the risks – an overleveraged economy, an unsustainable budget deficit and a broken model of growth".
Mr. Murphy added that the proposal was "a model of growth that has extremely appealing aspects to it.
"Based on the electronic-commerce boom that followed the development of the Mosaic Web browser, I realized that a new model of growth was emerging," he said.
If we are to build a new model of growth, we need to give a massive boost to enterprise, entrepreneurship and business creation.
An example of a demand-determined model of growth is one developed by the American economist J.S. Duesenberry.
