America’s Widening Productivity Gap by Michael Spence & Belinda Azenui - Project Syndicate
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Michael Spence & Belinda Azenui urge policymakers to pursue interventions aimed at reducing supply constraints in the non-tradable sector.
Feb 6, 2023 Michael Spence and Belinda Azenui Amid labor-supply constraints and economic shocks, the case for productivity-boosting interventions is clear. Unless US policymakers use a combination of investment and incentives to reverse negative productivity trends, the US will achieve modest growth, at best. MILAN/GRANVILLE, OHIO – The United States has a productivity problem, though one would never know it from looking only at the industries producing goods and services that are traded internationally. Because these goods and services account for only one-third of GDP and slightly over…
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