Growth Policy and the State Implications for the Design of a European Growth Package
نویسنده
چکیده
The importance of investing in R&D and knowledge for innovation and growth is now commonly acknowledged. So is the role for structural reforms aimed at making product and labor markets more flexible. More controversial however is the role that the state should play in the growth process. The debate on the role of the state has been revived by the financial crisis to the extent that this crisis has turned into a public debt crisis, thereby forcing governments to make difficult choices between the need to quickly reduce public debt and deficits on the one hand, and the need to support growth on the other hand.
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