Jaký neduh trápí vyspělé ekonomiky?

CAMBRIDGE – Je dnešní pomalý růst ve vyspělých ekonomikách pokračováním dlouhodobého, letitého úpadku, anebo je normálním projevem důsledků hluboké systémové finanční krize? Ještě důležitější je, jestli si na tuto otázku musíme s určitostí odpovědět, abychom dokázali zvýšit tempo hospodářského oživení.

Na nedávné konferenci Mezinárodního měnového fondu (MMF) bývalý americký ministr financí Lawrence Summers prohlásil, že dnešní růstový splín má hluboké kořeny, sahající před globální finanční krizi. Summers kladl obzvláštní důraz na nutnost posílit infrastrukturní investice, což je postoj, který s ním z celého srdce sdílí většina ekonomů, obzvlášť hovoříme-li o ryze produktivních investicích.

Dlouhotrvajícího úpadku se rozhodně obávají i další, byť většinou zdůrazňují spíš stranu nabídky než poptávky. Ekonom Jeffrey Sachs například tvrdí, že ekonomika USA se musí vypořádat s přemírou strukturálních překážek brzdících vytrvalý růst, mimo jiné s přesunem práce do zahraničí (offshoring), nesouladem kvalifikací pracujících s trhem a chátrající infrastrukturou.

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