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Economic Policies

In: The Great Economic Slowdown

Author

Listed:
  • Edmund Phelps

    (Columbia University)

  • Hian Teck Hoon

    (Singapore Management University)

  • Gylfi Zoega

    (University of Iceland)

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.

Suggested Citation

  • Edmund Phelps & Hian Teck Hoon & Gylfi Zoega, 2023. "Economic Policies," Springer Books, in: The Great Economic Slowdown, chapter 9, pages 127-133, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-31441-4_9
    DOI: 10.1007/978-3-031-31441-4_9
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