Transforming the European Economy [Paperback]

Martin Neil Baily (Author), Jacob Funk Kirkegaard (Author)

Book Description

Publication Date: September 24, 2004

Europe grew rapidly for many years, but now, faced with greater challenges, several of the large economies in Europe have either failed to generate enough jobs or have failed to achieve the highest levels of productivity or both. This study explores why Europe's growth slowed, what contribution information technology makes to growth, and what policies could facilitate economic transformation. It emphasizes a system with strong work incentives and a high level of competitive intensity. Europe doesn't need to eliminate its protections for individuals, the authors conclude, but both social programs and policies toward business must be reoriented so that they encourage economic change.

Editorial Reviews

Review

Outstanding Academic Title 2005 --Choice

About the Author

Martin Neil Baily, Senior Fellow, was appointed by President Clinton as Chairman of the Council of Economic Advisers in 1999, serving as an economic adviser to the President and a member of the President's cabinet. Dr. Baily was a Principal at McKinsey & Company at the Global Institute in Washington, D.C. from 1996 to 1999 and was a visiting fellow at the Global Institute, 1993-94. He was a co-leader of projects on service and manufacturing productivity and employment, as well as a series of country studies on Brazil, France, Germany, Korea, the Netherlands, Russia, and the UK. He worked with McKinsey client teams, providing counseling to CEO's on economic issues. Dr. Baily also served as one of the three Members of the President's Council (1994-96), where he was responsible for macroeconomic policy as well as a range of microeconomic issues. He has been a professor of economics at MIT, Yale, and the University of Maryland. He is the author of many professional articles and the editor or co-editor of four books.

Product Details

• Paperback: 340 pages
• Publisher: Peterson Institute for International Economics (September 24, 2004)
• Language: English
• ISBN-10: 0881323438
• ISBN-13: 978-0881323436
• Product Dimensions: 9 x 6 x 0.8 inches
• Shipping Weight: 14.4 ounces (View shipping rates and policies)
• Average Customer Review: 4.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #2,999,006 in Books (See Top 100 in Books)

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4.0 out of 5 stars variety of causes, September 24, 2007

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This review is from: Transforming the European Economy (Paperback)

Why does Europe seem to have lower productivity than the US? Along with unemployment levels about twice the American. The authors discuss several causes. One is that the US adopted new Information Technology more rapidly. Leading to increased productivity across the board, as many industries benefited. Which begs the question of why IT uptake was faster in the US.

The arguments are more complex than this, delving extensively into reams of statistics provided by various governments. Questions also arise about the methodology used by the US Bureau of Labor Statistics, for estimating computer price indices. The continued rapid improvement in computer hardware often makes comparisons between equivalent models hard, even if only a few years separate the timelines being considered.

Aside from technology, labour flexibility is also a key factor. Generally, the US leads in this. Being far quicker to dump failing companies and industries than Europe.

The book also discusses ways that Europe might improve its productivity. Maybe by following the American model. Though this can be contentious in some quarters.