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|
|Number of pages||14|
|State||Published - 2014|