The slowdown in economic growth that started around the turn of century was driven by demographic changes and a shift towards producing services. Those phenomena were a consequence of high living standards, and in the case of demographic change also of expanded opportunities for women to control their careers and family size. Slow growth isn’t something we can fix with policies related to taxes, regulation, inequality, trade, or market power. Moreover, once you appreciate the underlying reasons for slow growth, it becomes apparent there is nothing to fix.
Dietrich Vollrath is Professor of Economics at the University of Houston, where he has been since 2005. He has a BA in Economics from the University of Michigan, and a PhD in Economics from Brown University. His research interests are in growth and development, with a focus on structural transformation, agricultural productivity, and urbanization. He has published articles in a number of leading economics journals, and is the co-author (with Charles I. Jones) of a textbook on economic growth, Introduction to Economic Growth. His most recent book is Fully Grown: Why a Stangant Economy is a Sign of Success, on the slowdown in growth in the United States. He teaches courses in economic growth and macroeconomics at the undergraduate and graduate level, and is the author of the Growth Economics Blog.
Friday, 29 January 2021
16:30 - 17:15 GMT