How to grow faster

Lawrence Lindsey

Atlantic Economic Journal, 1997, vol. 25, issue 1, 7-17

Abstract: While "How do we grow faster?" is a question often asked of central bankers, there are really only three factors to economic growth: how fast labor is growing, how fast the capital stock is growing, and how well labor and capital are being used. Monetary policy undoubtedly has an effect on how efficiently labor and capital can be used and, temporarily, on the level of investment. But in the long run, the best prescription for growth vis á vis monetary policy is a stable, predictable, low inflationary environment. Public policy can have an effect on economic growth more directly through better management of public sector resources. Reform of education and entitlements and using cost-benefit analysis in both spending and regulation are the most likely means of improving economic growth. Copyright International Atlantic Economic Society 1997

Date: 1997
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DOI: 10.1007/BF02298473

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