The turtle’s progress: Secular stagnation meets the headwinds

Research output: Chapter in Book/Report/Conference proceedingChapter

26 Scopus citations

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 languageEnglish (US)
Title of host publicationSecular Stagnation
Subtitle of host publicationFacts, Causes and Cures
EditorsRichard Baldwin, Coen Teulings
PublisherCentre for Economic Policy Research
Pages47-60
Number of pages14
ISBN (Electronic)978-1-907142-78-9
ISBN (Print)978-1-907142-77-2
StatePublished - 2014

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