A Productivity Boom-in-Waiting?
There is growing concern In the US that the worst recession since the Great Depression has damaged the economy’s capacity to grow. But it is often forgotten that, in addition to the similarities between then and now – credit rationing by banks, low investment, and jobless growth – the 1930's witnessed the fastest productivity growth in US history.
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BERKELEY – A double-dip recession is one thing, but a lost decade is something far more sinister. In the United States, there is growing concern that the worst recession since the Great Depression has damaged the economy’s capacity to grow.