http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-2.xsd
1 online resource : illustrations (black and white)
Living standards in the UK and the US are in danger of falling. In the past change has brought disruption with the offsetting reward of higher living standards from growth. Today we have disruption without reward. The resulting voter dissatisfaction encourages populist policies which threaten even worse outcomes. The decline in growth has weakened the standing of liberal democracy both at home and internationally. The decline is entirely due to poor productivity combined with an unfavourable change in demography. The UK and the US have changed from having a demographic surplus in which the working population grew faster than the total population to a demographic deficit. Before living standards grew faster than productivity they now grow more slowly. Faster immigration could change demography, but voters are likely to press for less. To avoid falling living standards we must increase the rate at which productivity improves. Faster productivity does not only depend on technology. We can improve it by encouraging more investment. Growth depends on Total Factor Productivity ("TFP"), for which current consensus estimates are based on a faulty model which has induced pessimism about our ability to encourage more growth. The book sets out a revised and superior model of TFP which demonstrates that the weakness in productivity is the result of the bonus culture and suggests ways by which this can be changed so that investment is encouraged and growth returns.
The legacy of the financial crisis -- What I seek to show -- Poor productivity and damaging demography -- The cause of poor productivity -- Ageing populations -- Other influences on growth -- The problem of income inequality -- Two models of growth -- Investment and the stock of capital -- Description of my model -- The results of my model -- Testing the proposed model -- Investment, the capital stock, and economic policy -- The bonus culture has raised the hurdle rate -- The added impact of misinformation -- Implications for growth -- Management and shareholder interests -- Distractions from serious debate -- Deflation -- The UK is similar to the US -- Reversing perverse incentives -- Changing the economic impact of current incentives -- Misinformation adds to the risks for the economy -- The economic consequeences of higher investment -- Summary and conclusions -- Appendices -- Glossary -- Bibliography -- Index.
Includes bibliographical references and index.