Growth with Equity: Economic Policymaking for the Next Century

Pirmais vāks
Brookings Institution Press, 2010. gada 1. dec. - 254 lappuses
For nearly two decades the U.S. economy has been plagued by two disturbing economic trends: the slowdown in the growth rates of productivity and average real wages and the increase in wage and income inequality. The federal budget is in chronic deficit. Imports have far exceeded exports for more than a decade. American competitiveness has been a source of concern for even longer. Many Americans worry that foreigners are buying up U.S. companies, that the economy is losing its manufacturing base, and that the gap between rich and poor is widening. In this book three of the nation's most noted economists look at the primary reasons for these trends and assess which of the many suggestions for change in policy—whether for increased tax incentives for investment, education reform, or accelerated research and development—are likely to work and which may not work and could even hinder economic development. The author's discuss a variety of issues connected with deindustrialization and diminished competitiveness, distinguishing between problems that would be of real concern and those that should not. They evaluate explanations for slow growth in aggregate productivity in the United States and its relation to slower growth in other industrialized countries. They discuss the performance of the various sectors of the U.S. economy and systematically examine the evidence for and against the major proposals for correcting the adverse trends in productivity and inequity. Growth With Equity clearly explains how the country can accomplish the challenge of accelerating growth and narrowing the gap that separates the rich from the poor. While recognizing that some of their recommendations may be politically painful, the authors stress the importance of adopting a purposeful, long-range policy to encourage growth, ensure equity, and reduce the government's equity.

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Introduction and Summary
1
Compatible Objectives
4
A Framework for Enhancing Growth and Equity
7
A Preview of Our Recommendations
10
Slow Growth and Other Economic Ills
15
Why Is Productivity Growth Important?
20
Sources of Productivity Growth
31
Subsidiary Problems
39
Conclusion
108
Improving the Labor Market
110
Work Force Preparation
112
Remedies
121
Improvements in Labor Market Institutions
133
Promoting Investment
142
Encouraging Investment with High Social Returns
156
Summary
172

Conclusion
46
Inequality
48
Earnings Inequality
50
Family Income Inequality
64
Implications
71
Increasing the Pace of Innovation
74
Lengthening Time Horizons
91
Liability Reform
103
Encouraging Joint Ventures
106
Should America Adopt an Industrial Policy?
107
Foreign Trade and Investment
174
Promoting Productivity through Freer Trade
175
Promoting Productivity through Foreign Direct Investment
182
New Strategies for Gaining Access to Foreign Markets
190
Helping Displaced Workers
194
An Agenda for Growth and Equity
198
Research from the Center for Economic Progress and Employment
208
Notes
211
Index
233
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