Growth Begets Growth: Reflections on Total Factor Productivity
In my last post, I argued that it would be socially beneficial to adopt policies that would lead the US economy to grow at 4-5 percent per year over the next four years (about 2.5 percent per year faster than current projections). Â My argument focused on the benefits of increasing output in 2020 by increasing the rate of growth of capital and labor. Â My analysis took the path of total factor productivity (the amount of output generated by a given level . . .
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