Closing America’s Growth Deficit
As the US economy continues to sputter three years after the financial crisis erupted with full force, it has become clear that the US cannot recover strongly without a change in the mix of domestic and foreign components of total aggregate demand. That requires structural change and greater competitiveness in an expanded tradable sector.
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MILAN – As the American economy continues to sputter three years after the global financial crisis erupted, one thing has become clear: the United States cannot generate higher rates of growth in GDP and employment without a change in the mix of the economy’s domestic and export-oriented components. Above all, this will require structural change and greater competitiveness in an expanded tradable sector.