Abstract
US real GDP has grown at a turtle-like pace of only 2.1% per year in the last four years, despite a rapid decline in the unemployment rate from 10% to 6%. This column argues that US economic growth will continue to be slow for the next 25 to 40 years – not because of a slowdown in technological growth, but rather because of four ‘headwinds’: demographics, education, inequality, and government debt.
| Original language | English (US) |
|---|---|
| Title of host publication | Secular Stagnation |
| Subtitle of host publication | Facts, Causes and Cures |
| Editors | Richard Baldwin, Coen Teulings |
| Publisher | Centre for Economic Policy Research |
| Pages | 47-60 |
| Number of pages | 14 |
| ISBN (Electronic) | 978-1-907142-78-9 |
| ISBN (Print) | 978-1-907142-77-2 |
| State | Published - 2014 |
