The great economic slowdown : how narrowed technical progress brought static wages, sky-high wealth, and much discontent / Edmund Phelps, Hian Teck Hoon, Gylfi Zoega.
Phelps, Edmund S., author.; Hoon, Hian Teck, author.; Gylfi Zoega, author.
2023
HC59.3 .P44 2023
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Title The great economic slowdown : how narrowed technical progress brought static wages, sky-high wealth, and much discontent / Edmund Phelps, Hian Teck Hoon, Gylfi Zoega.
Author Phelps, Edmund S., author.
ISBN 9783031314414 (electronic bk.)
3031314417 (electronic bk.)
3031314409
9783031314407
DOI https://doi.org/10.1007/978-3-031-31441-4
Published Cham, Switzerland : Palgrave Macmillan, [2023]
Language English
Description 1 online resource
Other Standard Identifiers 10.1007/978-3-031-31441-4 doi
Call Number HC59.3 .P44 2023
Dewey Decimal Classification 330.9
Summary 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 impacts 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. Edmund Phelps, the 2006 Nobel Laureate in Economics, is McVickar Professor Emeritus of Political Economy and founding Director of the Center on Capitalism and Society at Columbia University. He is author of Rewarding Work, Mass Flourishing, and My Journeys in Economic Theory. Hian Teck Hoon is Professor of Economics at the Singapore Management University. He specialises in macroeconomics, international trade, and economic growth. Gylfi Zoega is Professor of Economics at the University of Iceland and (part-time) at Birkbeck College, London. His research is focused on saving, financial stability, and economic growth.
Bibliography, etc. Note Includes bibliographical references and index.
Access Note Access limited to authorized users.
Source of Description Description based on online resource; title from digital title page (viewed on September 22, 2023).
Added Author Hoon, Hian Teck, author.
Gylfi Zoega, author.
Available in Other Form Print version: 9783031314414
Print version: 9783031314407
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Intro
Preface
Acknowledgments
Contents
About the Authors
List of Figures
List of Tables
Introduction
Stylized Facts
Summary of Our Models
Consequences of the Slowdown
The Increase of Public Debt
References
Chapter 1: Innovation
References
Chapter 2: The Slowdown and Real Interest Rates
2.1 One-Sector Neoclassical Model
2.2 Productivity Growth Shock
2.3 Decline in Population Growth
2.4 Helicopter Drop of Public Debt
2.5 The Stock of Housing
2.6 Endogenous Labor Force Participation
References

Chapter 3: The Slowdown and Asset Prices
3.1 A Two-Sector Austrian Model
Basic Setup
Dynamics
Labor-Leisure Choice
Substitution between Labor and Capital
3.2 Conclusions
References
Chapter 4: The Slowdown and the Share of Profits
4.1 Basic Setup
4.2 Decline of Productivity Growth
4.3 A Helicopter Drop of Public Debt
4.4 Transitional Dynamics
4.5 Conclusions
Appendix
References
Chapter 5: The Slowdown in the Data
5.1 Patterns in the Data
5.2 Real Interest Rates
5.3 Augmented Taylor Rule Equation
5.4 Effect on Other Variables

5.5 Share Prices and Markups
5.6 Job Satisfaction
5.7 Summary
References
Chapter 6: Losing Ground
6.1 One-Country Model with a Public Sector
Population and Technology
Consumption
Production
Equilibrium
Government
6.2 Two-Country Model With a Public Sector
6.3 The Growth of China
6.4 The Growth of Others
6.5 Concluding Thoughts
References
Chapter 7: The Pandemic and its Aftermath
7.1 Higher Public Debt
7.2 Working From Home
References
Chapter 8: Growth to the Rescue
References
Chapter 9: Economic Policies
9.1 The Current Morass

9.2 The Many Pitfalls of the Two Mainstream Policies
The Keynesian Influence
The Neoclassical Influence
The Source of Satisfaction
9.3 Policies to Spur Innovation
References
Chapter 10: Summary and Outstanding Issues
Index

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