Let me explain. Robert Solow, won the Nobel Prize in Economics for work that showed that the bulk of economic growth did not come from putting more factors of production such as labour and capital to work. Instead, it came from putting those factors of production together more cleverly, that is, from what he called total factor productivity growth.
Put differently, new ideas, new methods of production, better logistics – these are what lead to sustained  BIS central bankers’ speeches  1  economic growth.