Innovation, Employment and Growth Policy Issues in the EU by Paul J.J. Welfens, John T. Addison

By Paul J.J. Welfens, John T. Addison

Fiscal improvement has cyclical dynamics and long term dynamics – the latter are usually relating to demographical alterations, innovation and long term insti- tional adjustments in open economies. monetary markets – that implies mostly capital markets – and hard work markets are affected in OECD international locations either by means of ideas and institutional reforms. As regards demographics growing old is a standard problem on each side of the Atlantic, and pension reforms in industrialized nations have positioned higher emphasis on capital markets than in prior a long time. Innovation dynamics definitely also are particularly very important for all excessive salary OECD international locations. The Lisbon schedule has placed specific emphasis on extra development, larger innovation dynamics and higher exploitation of the benefits of a digitally networked society. often, the U.S. has a lead in international suggestions, and the U.S. coverage definitely has contributed to the yankee technological management. There nonetheless is a consistent with capita source of revenue hole in desire of the U.S. and the USA exertions marketplace scenario additionally appears to be like rather favorable, yet within the ?ve years in view that 2001 employment progress within the euro quarter used to be better than that of the U.S.. The euro sector is, even though, a slightly heterogeneous set of nations which vary when it comes to associations, attitudes and reform growth – and all over the place governments are acutely aware that there need to be reforms, now not least within the context of globalization which deliver a extra complicated and dynamic spatial constitution of value-added.

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1 Basic Dimensions of Structural Change Economic globalization implies that there will be considerable changes in the relative price of tradables which in turn will cause relative factor price adjustment which – in a neoclassical perspective –should largely follow the logic of the Heckscher-Ohlin Samuelson (HOS) model: Countries which are relatively richly endowed with unskilled labor, skilled labor, capital and technology will specialize in those goods which use the relatively abundant respective input factor intensively.

10 A decelerating growth of inter-industry dispersion of capital-intensity (%) . . . . . . . . . . . 1 Innovation performance of selected EU-countries . . . 1 The divergent policy implications of different technical change perspectives . . . . . . . . . . . 2 Contribution of renewables to electricity production and its estimated annual extra cost over fossil and nuclear based generated electricity . . . . . . . . . . . 1 US CO2 (energy-based) emissions (in millions of metric tons of CO2 ) .

235 . . 236 . . 237 . . 237 . . . . 239 248 . . 278 . . 288 . . . . 303 325 Contributors John T. de Holger Schmieding Bank of America, London, UK Fred J. J. J. 1 Introduction In the 1990s US economic growth exceeded that of both the EU15 and Euro zone. It was only in 2006 that the EU growth – much influenced by Germany’s economic recovery – gained speed and in 2007/2008 output growth of the Euroarea and the EU27 is expected to exceed US growth. As the EU’s growth rate is rising relative to the US one may expect that the US current account deficit-GDP ratio will improve; one should, however, note that the EU’s surplus vis-à-vis the US is rather modest, the main surplus countries in a bilateral perspective are Japan and China.

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