The great economic slowdown: How narrowed technical progress brought static wages, sky-high wealth, and much discontent

Publication Type

Book

Publication Date

8-2023

Abstract

This book charts the fall of productivity growth and the rise of inequality within global economies and societies. Set out through a series of economic models, the impact of falling rates of productivity growth, particularly in the USA, are examined in relation to lowering interest rates, the lifting of the stock market, and an increasingly unequal distribution of wealth. The economic impact of COVID-19, including the increased tendency to work from home and renewed public debt pressures, are contextualised within broader issues of wage suppression and discontent within the labor force to highlight how average workers have been left behind. The rise of China and the geopolitical tensions that it has created is also discussed.

Keywords

Asset prices, Decline in population growth, Economic inequality, Economic productivity, Endogenous labor force, Global economic slowdown, Global interest rates, Impact of COVID-19, Labour market, Public debt

Discipline

International Economics

Research Areas

Applied Microeconomics

First Page

1

Last Page

140

ISBN

9783031314414

Identifier

10.1007/978-3-031-31441-4

Publisher

Springer

City or Country

Cham

Additional URL

https://doi.org/10.1007/978-3-031-31441-4

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