The Need for Growth

Hian Hoon, Edmund Phelps and Gylfi Zoega ()
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Gylfi Zoega: University of Iceland

A chapter in Fault Lines After COVID-19, 2023, pp 335-345 from Springer

Abstract: Abstract The falling rate of productivity growth in the West has made equilibrium real rate of interest fall, causing sky-high stock prices and stagnated real wages. Eliminating or reducing impediments to growth—such as rules and regulations that protect vested interests—would lower the burden of debt, make it easier to reduce greenhouse gas emissions and increase political stability. There are also measures that strengthen institutions that encourage innovations; a healthy financial system, well-protected property rights and values that emphasize self-reliance, independence and good work ethics. While special interests are more entrenched in some developed countries than others, there is hope that current technological breakthroughs such as artificial intelligence will generate a wave of innovations that will raise productivity in the future.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-26482-5_20

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DOI: 10.1007/978-3-031-26482-5_20

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