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Sunday, 7 August 2016

How did we arrive at a low-growth world?

Low growth explains Donald Trump, Brexit and the rise of nationalists in Europe, the New York Times’ The Upshot blog wrote yesterday, noting that, “Economic growth in advanced nations has been weaker for longer than it has been in the lifetime of most people on earth. … It increasingly looks as if something fundamental is broken in the global growth machine — and that the usual menu of policies, like interest rate cuts and modest fiscal stimulus, aren’t up to the task of fixing it.” The piece takes a meandering route to get there, but winds up suggesting that the way forward “is that the government sharply expand investment in infrastructure, which might provide a jolt of higher demand, which in turn could help the picture on supply. … if something doesn’t change from the recent trend, the 21st century will be a gloomy one.”

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