Prospects for Economic Growth in the United States

Explores the prospects for sustaining strong economic growth in the United States in the face of recent challenging trends.

John W. Diamond (Edited by), George R. Zodrow (Edited by)

9781108479684, Cambridge University Press

Hardback, published 4 November 2021

250 pages
23.5 x 15.8 x 2.5 cm, 0.7 kg

'Fostering more rapid economic growth is more important than ever. As countries around the globe seek to recover from the devastating economic fallout of the COVID-19 pandemic, there will a search for the secrets to growth. Look no further than Prospects for Economic Growth in the United States. John Diamond's and George Zodrow's chosen authors and topics have produced a tour de force of growth analysis that is one-stop shopping for policymakers.' Douglas Holtz-Eakin, President, American Action Forum

Although economic growth has historically been an engine of prosperity in the United States, recent trends have generated uncertainty regarding the prospects for sustaining such growth. Economists disagree about the relative importance of many factors affecting future growth, including rapid technological advances, immigration, the growth of the financial sector, problems with the educational system, increasing income inequality, an aging population, and large fiscal imbalances that have not been addressed by the political system. This collection of chapters, authored by many of today's leading economists, addresses the prospects for economic growth in the United States over the next few decades. During a time of great economic uncertainty, this book engages with both sides in the debate over economic growth, focusing on policy options that increase the prospects for vigorous economic growth in the future.

Foreword by James A. Baker, III
Part I. Overview: 1. Introduction John W. Diamond and George R. Zodrow
2. The Future of Economic Growth in the United States Martin Feldstein
Part II. Labor and Economic Growth: 3. Human Capital and Long-Run Economic Growth Flavio Cunha
4. Immigration and Economic Growth George Borjas
Part III. Implications of Technology for Growth: 5. The $64,000 Question: Living in the Age of Technogical Possibility or Showing Possibility's Age? Glenn Hubbard
6. Artificial Intelligence Technologies and Aggregate Growth Prospects Timothy Bresnahan
Part IV. The Effects of Fiscal Policy on Growth: 7. Taxes and Economic Growth Robert Barro
8. Carbon Taxes: Output and Distributional Effects John W. Diamond and George R. Zodrow
Part V. Special Topics on Economic Growth: 8. Banking on Prosperity Ross Levine
9. Economic Growth and Income Inequality: Insights from the Representative Consumer Theory of Distribution Stephen Turnovsky
Part VI. Conclusion: 10. A Perspective on the Prospects for Economic Growth in the United States John W. Diamond and George R. Zodrow.

Subject Areas: Business studies: general [KJB], Development economics & emerging economies [KCM], Economic growth [KCG], Monetary economics [KCBM], Macroeconomics [KCB], Economics [KC]