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The Need for Growth

In: Fault Lines After COVID-19

Author

Listed:
  • Hian Teck Hoon

    (Singapore Management University)

  • Edmund Phelps

    (Columbia University)

  • Gylfi Zoega

    (University of Iceland
    University of London)

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.

Suggested Citation

  • Hian Teck Hoon & Edmund Phelps & Gylfi Zoega, 2023. "The Need for Growth," Springer Books, in: Robert Z. Aliber & Már Gudmundsson & Gylfi Zoega (ed.), Fault Lines After COVID-19, pages 335-345, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-26482-5_20
    DOI: 10.1007/978-3-031-26482-5_20
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