Productivity growth across the developed world continues its long-term slide, denying nations the prospect of the increases in prosperity that defined the postwar era until the end of the 20th century.
Now, and into the foreseeable future, western nations will engage in a futile squabble with developing countries over which gets the bigger share of any growth. These contests, too, will sharpen within each developed country’s borders.
Loading...
Craig Emerson is managing director of Emerson Economics. He is a distinguished fellow at the ANU, director of the Australian APEC Study Centre at RMIT and adjunct professor at Victoria University’s College of Business.
