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Principles for Economic Recovery and Renewal

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  • Lawrence H Summers

Abstract

Over the past year, substantial progress has been made on the path to economic recovery. Yet, as true with most recessions induced by a financial crisis, recovery is going to be long and slow. This is particularly true for employment. Moreover, there is evidence that indicates there are structural as well as cyclical concerns about this recovery's slow employment growth. The personal as well as macroeconomic costs of this slow growth mean that there is no higher public policy priority than economic recovery and job creation. This address presents and discusses three guiding principles for economic policy: restoring confidence, increasing aggregate demand, and achieving broader and deeper education.

Suggested Citation

  • Lawrence H Summers, 2010. "Principles for Economic Recovery and Renewal," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 45(1), pages 3-7, January.
  • Handle: RePEc:pal:buseco:v:45:y:2010:i:1:p:3-7
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    1. Timothy J. Bartik, "undated". "Who Benefits from Local Job Growth: Migrants or Original Residents?," Upjohn Working Papers and Journal Articles tjb1993rs, W.E. Upjohn Institute for Employment Research.
    2. Mitch Renkow, 2003. "Employment Growth, Worker Mobility, and Rural Economic Development," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(2), pages 503-513.
    3. Kim S. So & Peter F. Orazem & Daniel M. Otto, 2001. "The Effects of Housing Prices, Wages, and Commuting Time on Joint Residential and Job Location Choices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, pages 1036-1048.
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