Economic Policies

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

Chapter 9 in The Great Economic Slowdown, 2023, pp 127-133 from Springer

Abstract: Abstract Regarding policy, conventional Keynesian demand management policies are not well suited to address the problem of low productivity growth and neither are supply-side policies that involve tax cuts. Instead, what is needed is institutional reforms in many countries that aim at promoting innovation and growth. These would include the reduction in bureaucratic red tape, employment protection and union power that currently protects vested interests and stifles growth. Economic culture may shelter older and more established institutions and interests from competition in some European countries. In the long run, the future of the West will hinge on our ability to restore to society the modern values that fueled innovation of the West—values such as individualism, vitalism and self-expression.

Date: 2023
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DOI: 10.1007/978-3-031-31441-4_9

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