Publication Type
Book Chapter
Version
publishedVersion
Publication Date
9-2023
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.
Discipline
Health Economics
Publication
Fault lines after COVID-19: Global economic challenges and opportunities
Editor
ALIBER, Robert Z.; GUDMUNDSSON, Már; ZOEGA, Gylfi
First Page
335
Last Page
345
ISBN
9783031264818
Identifier
10.1007/978-3-031-26482-5_20
Publisher
Springer
City or Country
Cham
Citation
HOON, Hian Teck; PHELPS, Edmund S.; and ZOEGA, Gylfi.
The need for growth. (2023). Fault lines after COVID-19: Global economic challenges and opportunities. 335-345.
Available at: https://ink.library.smu.edu.sg/soe_research/2844
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://doi.org/10.1007/978-3-031-26482-5_20