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The Economic Agenda: a View from Europe

The Economic Agenda: a View from Europe Over the course of the 1990s, the US outperformed Europe not only in output growth, but also in productivity and employment generation, thereby stopping Europe's decade‐long period of catching up. The author shows that the growth difference originates at least partly from insufficient investment by Europe into the determinants of long‐run growth (research, education, and the diffusion of new technologies). Northern European countries with comprehensive welfare systems performed better than the big economies in continental Europe, owing to their timely realization that these costly systems require the highest possible levels of productivity and fast growth. The European agenda for the next decade is based on this analysis. It stresses the importance of accelerating economic growth, primarily through investment into growth drivers. Labor market reforms are necessary, as is the redefinition of macroeconomic policy, a regional policy adequate for European enlargement, and reforms in the public sector. Distributional and ecological issues are also on the agenda, even though Europe outperforms the US in these fields, as is reflective of European preferences. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of International Economics Wiley

The Economic Agenda: a View from Europe

Review of International Economics , Volume 12 (2) – May 1, 2004

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References (37)

Publisher
Wiley
Copyright
Copyright © 2004 Wiley Subscription Services, Inc., A Wiley Company
ISSN
0965-7576
eISSN
1467-9396
DOI
10.1111/j.1467-9396.2004.00442.x
Publisher site
See Article on Publisher Site

Abstract

Over the course of the 1990s, the US outperformed Europe not only in output growth, but also in productivity and employment generation, thereby stopping Europe's decade‐long period of catching up. The author shows that the growth difference originates at least partly from insufficient investment by Europe into the determinants of long‐run growth (research, education, and the diffusion of new technologies). Northern European countries with comprehensive welfare systems performed better than the big economies in continental Europe, owing to their timely realization that these costly systems require the highest possible levels of productivity and fast growth. The European agenda for the next decade is based on this analysis. It stresses the importance of accelerating economic growth, primarily through investment into growth drivers. Labor market reforms are necessary, as is the redefinition of macroeconomic policy, a regional policy adequate for European enlargement, and reforms in the public sector. Distributional and ecological issues are also on the agenda, even though Europe outperforms the US in these fields, as is reflective of European preferences.

Journal

Review of International EconomicsWiley

Published: May 1, 2004

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