Breaking Down Barriers to Growth
نویسندگان
چکیده
ow best to rekindle growth is a subject of intense debate in most of europe’s developed economies and in Japan. over the past decade, these countries have experienced a slowdown of economic growth at the same time as lengthening life spans have caused their pension and health care costs to mount. some economists have recommended lifting restrictions on competition in the many sectors where they remain and reforming labor market regulations. but such moves are resisted by those who fear they will lead to mass unemployment and destroy social safety nets. others recommend more investment in research and development (R&D) and education to equip workers with the skills to perform higher value-added tasks as more low-value jobs are automated or migrate to lower-cost economies. who is right? In exploring the debate, this article focuses on supply-side barriers to growth (demand-side macroeconomic policies have been examined extensively elsewhere). After a decade of research comparing productivity in private sector industries in the world’s major economies, our conclusion is that the key to boosting productivity and thus growth is a policy framework promoting competition in all sectors.
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تاریخ انتشار 2006