Technology and Growth: an Overview
نویسندگان
چکیده
During the 1990s, the Federal Reserve has pursued its twin goals of price stability and steady employment growth with considerable success. But despite--or perhaps because of--this success, concerns about the pace of economic and productivity growth have attracted renewed attention. Many observers ruefully note that the average pace of GDP growth has remained below rates achieved in the 1960s and that a period of rapid investment in computers and other capital equipment has had disappointingly little impact on the productivity numbers. Others see faster growth as softening the impact of widening income inequality or the stagnant real wages earned by many citizens. Most of the industrial world has experienced a similar decline in trend and productivity growth, an increase in income inequality, and even slower job creation than we have seen here in the United States. While some (particularly Asian) developing countries are rapidly joining the ranks of the industrialized, most remain mired in poverty. According to the World Bank’s recent report on poverty, over 20 percent of the world’s population lives on less than one dollar a day. This situation wastes human talent and contributes to political instability. While raising trend growth rates would not directly address distributional issues, increasing growth rates by even a fraction of 1 percent would, with compounding, have profound implications. As Robert Lucas has pointed out, "the consequences for human welfare are simply staggering. Once one starts thinking about them, it is hard to think of anything else." Unfortunately, economists and policymakers do not
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