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Few would disagree that economic growth is essential to national well-being. How economic growth is best achieved, though, is another matter altogether. In an effort to shed new light on this highly controversial issue, Jerry Jasinowski enlists many of the leading lights in economics and business to share their wisdom and insights.
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As one of the hottest items on the national agenda, the issue of economic growth has engaged many of the leading minds of the business and economics communities. No national economic goal, if achieved, can do more to increase the wealth and living standards of the American citizen. Now, in this singular collection of essays, Jerry Jasinowski, President of the National Association of Manufacturers, brings together a select group of esteemed experts to share their views and shed new light on an important-and highly charged-topic: how business and industry can support a model for greater economic growth. Featuring contributions from a who's who of chief economists, policymakers, corporate executives, and academics, The Rising Tide dives into the growth debate with one message: higher growth rates are not only good and necessary, but possible, and the private sector-not the government-should set the parameters for growth. To illustrate and support this perspective, such influential figures as Jack Kemp, Felix Rohatyn, Dana Mead, Audrey Freedman, James Tobin, Robert Eisner, José Piñera, Robert Lutz, Rosabeth Moss Kanter, Marina Whitman, Dale Jorgenson, Jeffrey Sachs, and Michael Boskin explore the thinking, methods, and mechanisms that can link growth in industry to widespread growth in the economy. With eye-opening and thought-provoking pieces on everything from trade, taxes, and the prime interest rate to minimum wage, global markets, and corporate incentives, the eloquent voices that fill this landmark volume challenge the way we think about the issue, and prescribe numerous strategies by which greater growth may be achieved. In "The Economic Growth Imperative," Jack Kemp cites governmental interference and misinformed conventional wisdom as key factors limiting America's prosperity. He argues that these limits are policy-induced, and recommends specific policy changes that would effectively raise the ceiling on growth. Nobel laureates James Tobin and Lawrence Klein discuss how America can grow faster, particularly when certain impediments are removed to allow the economy to reach its full potential. Harvard economist Rosabeth Moss Kanter CEO William Hudson, and others delineate the ways companies, both large and small, have contributed greatly to economic growth by dramatically increasing productivity. Robert Lutz, Robert Shapiro, Anthony Carnevale, and Audrey Freedman each describe the role of the workforce in fueling growth, while Michael Boskin and Frank Lichtenberg explain how technology continues to be a major contributor to economic growth. Trade and global competition are the focus of important pieces by Jeffrey Sachs and Marina Whitman. The concluding group of essays, "Government Can Boost Growth," describes a number of fiscal and monetary policies the government can institute to support the efforts of the private sector in promoting greater economic growth. Stimulating, provocative, and unquestionably authoritative, The Rising Tide is must reading for senior-level executives, policymakers, analysts, and anyone interested in our nation's prosperity.
Various forces such as increased competition in the global economy and a high technology revolution in computers and communications have significantly increased private-sector productivity. In this volume, first published in 1997, Jasinowksi has selected and edited essays written by 26 leading economists and CEOs which, as he explains, "add up to a thorough investigation of American growth prospects. Although there are differences of opinion, the consensus is that dramatic economic changes have increased the nation's capacity for sustained, noninflationary economic growth." Although the authors (obviously) approach various issues from different perspectives and offer different recommendations, Jasinowski notes that there is a significant consensus among them: "First, they agree that in the long run, increases in output per person are driven mainly by technological advance....Second, the writers agree that market capitalism is the most efficient economic system....Third, there is a general consensus among the writers that the role of government should reduced.....Finally, there is a sense among these writers that the economic potential of the United States is greater than has sometimes been argued." The essays are organized within seven sections whose titles suggest their primary focus. I also identify an essay included in each section. 1. The Mandate for Higher Growth ("The Economic Growth Imperative", Jack Kemp); 2. America Can Grow Faster ("Damn the NAIRU and Full Steam Ahead!", Robert Eisner); 3. Growth Is Coming from Companies ("Small Business and Economic Growth," Rosabeth Moss Kanter); 4. People Are Key ("the Power of Employees", Robert A. Lutz); 5. The Role of Technology ("Technology Investment Is Driving Growth", Frank R. Lichtenberg); 6.Read more ›
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