Golden Growth : Restoring the Lustre of the European Economic Model

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.

Bibliographic Details

Main Authors:	Raiser, Martin, Gill, Indermit S.
Language:	English
Published:	Washington, DC: World Bank 2012-04-18
Subjects:	AVERAGE INCOME, BASE YEAR, CAPITAL ACCUMULATION, CAPITAL INVESTMENTS, CD, COMMON TRADE POLICY, CONVERGENCE HYPOTHESIS, CONVERGENCE PROCESS, CRITICAL SURVEY, CROSS COUNTRY, DIFFERENCES IN INCOME, ECOLOGY, ECONOMIC COMMUNITY, ECONOMIC CONVERGENCE, ECONOMIC GROWTH, ECONOMIC INTEGRATION, ECONOMIC REFORM, ECONOMIC RESEARCH, ECONOMIC WELFARE, ECONOMICS, EMPIRICAL ANALYSIS, EMPIRICAL EVIDENCE, EMPIRICAL LITERATURE, EMPIRICAL RESEARCH, EMPIRICAL STUDIES, EMPLOYMENT, ENDOGENOUS GROWTH, ENVIRONMENTAL PERFORMANCE, EXCHANGE RATE, EXCHANGE RATE FLUCTUATIONS, EXCHANGE RATES, EXPLANATORY FACTORS, EXTERNALITIES, FINANCIAL CRISES, FIXED COSTS, 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, 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, RETURNS TO SCALE, RISK PREMIUM, STABILIZATION POLICIES, STRUCTURAL CHANGE, TECHNICAL PROGRESS, 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, EUROPEAN INTEGRATION, EUROPEAN UNION, CONVERGENCE (ECONOMICS), EUROPEAN UNION MEMBERSHIP, STANDARD OF LIVING, REGIONAL INTEGRATION, TECHNOLOGICAL CHANGE, FOREIGN DIRECT INVESTMENTS, COMPETITION POLICY, REGIONAL POLICY,
Online Access:	http://documents.worldbank.org/curated/en/2012/04/16234385/golden-growth-restoring-lustre-european-economic-model https://hdl.handle.net/10986/6016
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