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Golden Growth : Restoring the Lustre of the European Economic Model

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  • Martin Raiser
  • Indermit S. Gill
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    Abstract

    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.

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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/6016/681680PUB0EPI004019020120Box367902B.pdf?sequence=1
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    Bibliographic Info

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    This book is provided by The World Bank in its series World Bank Publications with number 6016 and published in 2012.

    ISBN: 978-0-8213-8965-2
    Handle: RePEc:wbk:wbpubs:6016

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    Postal: 1818 H Street, N.W., Washington, DC 20433
    Phone: (202) 477-1234
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    Web page: https://openknowledge.worldbank.org
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    Related research

    Keywords: International Economics and Trade - Trade and Regional Integration Poverty Reduction - Inequality Economic Theory and Research Environmental Economics and Policies Poverty Reduction - Achieving Shared Growth Macroeconomics and Economic Growth Environment;

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    Cited by:
    1. World Bank, 2012. "EU11 Regular Economic Report : Coping with External Headwinds," World Bank Other Operational Studies 11896, The World Bank.
    2. Jess Benhabib & Jesse Perla & Christopher Tonetti, 2012. "Catch-up and Fall-back through Innovation and Imitation," NBER Working Papers 18091, National Bureau of Economic Research, Inc.
    3. World Bank, 2013. "Results 2013," World Bank Publications, The World Bank, number 15266, October.
    4. Jesus Crespo Cuaresma & Martin Lábaj & Patrik Pruzinský, 2014. "Prospective Ageing and Economic Growth in Europe," Department of Economics Working Papers wuwp165, Vienna University of Economics, Department of Economics.
    5. Philip R. Lane, 2013. "Growth And Adjustment Challenges For The Euro Area," The Economic and Social Review, Economic and Social Studies, vol. 44(2), pages 273-295.
    6. World Bank, 2012. "In Search of Opportunities : How a More Mobile Workforce Can Propel Ukraine’s Prosperity (Vol. 2 of 2) : Technical Report," World Bank Other Operational Studies 12287, The World Bank.
    7. Magas, István, 2014. "Válságtanulságok nagy adagban, erősen fűszerezve. Farkas Beáta (szerk.): The Aftermath of the Global Crisis in the European Union. Oxford Scholars Publishing, Newcastle, UK, 2013, viii + 280 old," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 113-118.

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