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Revisiting KeynesEconomic Possibilities for Our Grandchildren$
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Lorenzo Pecchi and Gustavo Piga

Print publication date: 2008

Print ISBN-13: 9780262162494

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262162494.001.0001

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Economic Possibilities for our Grandchildren 75 Years After: A Global Perspective

Economic Possibilities for our Grandchildren 75 Years After: A Global Perspective

Chapter:
(p.27) 2 Economic Possibilities for our Grandchildren 75 Years After: A Global Perspective
Source:
Revisiting Keynes
Author(s):

Fabrizio Zilibotti

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262162494.003.0003

This chapter begins by diverging from Keynes’s focus on “progressive countries” and considering the long-run growth experience of the entire global economy. So far there is no evidence, at the global level, that the engine of growth is losing steam. Data presented in this chapter, in fact, show quite the opposite. From a global perspective, the third quarter of the century was an age of divergence between rich and poor nations; the last quarter was, however, one of convergence. In the rich economies the growth rate of income per capita was very high in Europe throughout the 1950s and 1960s, slowing down afterward. In contrast, North America shows a less pronounced trend. In the 1990s GDP per capita grew significantly faster in North America than in Europe. Changes in labor supply behavior were largely responsible for this divergence, as this chapter shows.

Keywords:   progressive countries, Keynes, long-run growth, global economy, engine of growth, labor supply behavior

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