eBook

Golden growth : restoring the lustre of the European economic model

Raiser, Martin, Gill, Indermit S

2012,2011

Overview

Europe's growth will have to be golden in yet another sense. Economic prosperity has brought to Europeans the gift of longer lives, and the continent's population has aged a lot over the last five decades. Over the next five, it will age even more by 2060; almost a third of Europeans will be older than 65 years. Europe will have to rebuild its structures to make fuller use of the energies and experience of its more mature population's people in their golden years. These desires and developments already make the European growth model distinct. Keeping to the discipline of the golden rule would make it distinguished. This report shows how Europeans have organized the six principal economic activities trade, finance, enterprise, innovation, labor, and government in unique ways. But policies in parts of Europe do not recognize the imperatives of demographic maturity and clash with growth's golden rule. Conforming growth across the continent to Europe's ideals and the iron laws of economics will require difficult decisions. This report was written to inform them. Its findings the changes needed to make trade and finance will not be as hard as those to improve enterprise and innovation; these in turn are not as arduous and urgent as the changes needed to restructure labor and government. Its message the remedies are not out of reach for a part of the world that has proven itself both intrepid and inclusive.

• Publisher: World Bank,World Bank Publications,The World Bank,Washington, DC: World Bank
• Subject: 1945 / AVERAGE INCOME / BASE YEAR / CAPITAL ACCUMULATION / CAPITAL INVESTMENTS / COMMON TRADE POLICY / COMPETITION POLICY / CONVERGENCE (ECONOMICS) / CONVERGENCE HYPOTHESIS / CONVERGENCE PROCESS / CRITICAL SURVEY / CROSS COUNTRY / DIFFERENCES IN INCOME / ECOLOGY / Econometric models / ECONOMIC COMMUNITY / Economic conditions / ECONOMIC CONVERGENCE / ECONOMIC GROWTH / Economic indicators / Economic indicators -- Europe / ECONOMIC INTEGRATION / Economic models / Economic recovery / ECONOMIC REFORM / ECONOMIC RESEARCH / ECONOMIC WELFARE / ECONOMICS / EMPIRICAL ANALYSIS / EMPIRICAL EVIDENCE / EMPIRICAL LITERATURE / EMPIRICAL RESEARCH / EMPIRICAL STUDIES / EMPLOYMENT / ENDOGENOUS GROWTH / ENVIRONMENTAL PERFORMANCE / Europe / Europe -- Economic conditions -- 1945- -- Econometric models / EUROPEAN INTEGRATION / EUROPEAN UNION / EUROPEAN UNION MEMBERSHIP / EXCHANGE RATE / EXCHANGE RATE FLUCTUATIONS / EXCHANGE RATES / EXPLANATORY FACTORS / EXTERNALITIES / FINANCIAL CRISES / FIXED COSTS / FOREIGN DIRECT INVESTMENTS / FOREIGN INVESTMENT / FOREIGN TRADE / FOREST MANAGEMENT / FREE TRADE / FREE TRADE AREA / GDP / GDP PER CAPITA / GROSS FIXED CAPITAL FORMATION / GROWTH LITERATURE / GROWTH MODEL / GROWTH MODELS / GROWTH PERFORMANCE / GROWTH THEORY / HUMAN CAPITAL / IMPORTING COUNTRY / INCOME / INCOME CONVERGENCE / INCOME DISTRIBUTION / INCOME DISTRIBUTION DATA / INCOME DISTRIBUTIONS / INCOME GAPS / INCOME INEQUALITY / INCOME LEVELS / INCOMES / INCREASING RETURNS / INDUSTRIALIZED COUNTRIES / INFANT INDUSTRY ARGUMENT / INTEGRATING AREA / INTEREST RATES / INTERMEDIATE GOODS / INTERNAL TRADE / INTERNATIONAL TRADE / INTERNATIONAL TRADE POLICY / INVESTMENT INFLOWS / KNOWLEDGE SPILLOVER / LABOR PRODUCTIVITY / LABOUR PRODUCTIVITY / LEGAL STATUS / LONG RUN / MACROECONOMIC POLICIES / MACROECONOMIC STABILITY / MARGINAL PRODUCT / MEMBER COUNTRIES / MEMBER STATES / MONETARY UNION / NATIONAL POLICIES / NEOCLASSICAL GROWTH / NEOCLASSICAL GROWTH MODEL / NEOCLASSICAL GROWTH THEORY / OPEN ECONOMIES / PER CAPITA GROWTH / PER CAPITA INCOME / POOR COUNTRIES / POSITIVE EXTERNALITIES / POVERTY REDUCTION / PREFERENTIAL TRADING / PREFERENTIAL TRADING AGREEMENTS / PRODUCTIVITY / PRODUCTIVITY GROWTH / PUBLIC CAPITAL / PURCHASING POWER / REGIONAL INTEGRATION / REGIONAL POLICY / RETURNS TO SCALE / RISK PREMIUM / STABILIZATION POLICIES / STANDARD OF LIVING / STRUCTURAL CHANGE / TECHNICAL PROGRESS / TECHNOLOGICAL CHANGE / TECHNOLOGICAL INNOVATION / TECHNOLOGY SPILLOVERS / TECHNOLOGY TRANSFER / TRADE INTEGRATION / TRADE LIBERALIZATION / TRADE OPENNESS / TRADE THEORY / TRANSACTION COSTS / TRANSITION ECONOMIES / TRANSITION PROCESS / TRANSPORT COSTS / WATER PRICING / WEALTH / WELFARE EFFECTS / WELFARE GAINS
• ISBN: 9780821389652, 0821389653