Perotti, Enrico, (2016), “Public policy in a zero-growth scenario”, VoxEu, 16 Δεκεμβρίου
Per-capita income in developed countries has stagnated, which most economists regard as a departure from the long-run trend. This column argues that zero long-term growth will be the new normal. In this zero-growth world, spending increases must always be balanced against spending reductions elsewhere or in the future, which creates a further problem: no politician could implement policy changes with such bleak outcomes.
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