Description

Book Synopsis

This book charts the fall of productivity growth and the rise of inequality within global economies and societies. Set out through a series of economic models, the impact of falling rates of productivity growth, particularly in the USA, are examined in relation to lowering interest rates, the lifting of the stock market, and an increasingly unequal distribution of wealth. The economic impact of COVID-19, including the increased tendency to work from home and renewed public debt pressures, are contextualised within broader issues of wage suppression and discontent within the labor force to highlight how average workers have been left behind. The rise of China and the geopolitical tensions that it has created is also discussed.


This book sets out the macro and microeconomic innovations that can create a revival in productivity growth in the coming years. It will be relevant to students and researchers interested in global economic trends and the political economy.





Table of Contents

1. Introduction.- 2. The slowdown and real interest rates.- 3. The slowdown and asset prices.- 4. The slowdown and the share of profits.- 5. The slowdown in the data.- 6. Losing ground to China and other countries.- 7. The pandemic and its aftermath.- 8. Growth to the Rescue.

The Great Economic Slowdown: How Narrowed

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    A Hardback by Edmund Phelps, Hian Teck Hoon, Gylfi Zoega

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      Book details

      Publisher Springer International Publishing AG
      Published 1 September 2023
      ISBN-13 9783031314407
      978-3031314407
      ISBN-10 3031314409
      Also in:
      Business, Finance & Law International economics Political economy Politics, Philosophy & Society Globalization

      Description

      Book Synopsis

      This book charts the fall of productivity growth and the rise of inequality within global economies and societies. Set out through a series of economic models, the impact of falling rates of productivity growth, particularly in the USA, are examined in relation to lowering interest rates, the lifting of the stock market, and an increasingly unequal distribution of wealth. The economic impact of COVID-19, including the increased tendency to work from home and renewed public debt pressures, are contextualised within broader issues of wage suppression and discontent within the labor force to highlight how average workers have been left behind. The rise of China and the geopolitical tensions that it has created is also discussed.


      This book sets out the macro and microeconomic innovations that can create a revival in productivity growth in the coming years. It will be relevant to students and researchers interested in global economic trends and the political economy.





      Table of Contents

      1. Introduction.- 2. The slowdown and real interest rates.- 3. The slowdown and asset prices.- 4. The slowdown and the share of profits.- 5. The slowdown in the data.- 6. Losing ground to China and other countries.- 7. The pandemic and its aftermath.- 8. Growth to the Rescue.

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