". . . a timely contribution to a debate that deserves the closest attention: how to get faster economic growth so the essence of Europe’s social model can be preserved against a background of a rapidly changing world. . . . I warmly recommend it."
Romano Prodi, President of the European commission
"Baily and Kirkegaard have written an outstanding work on an enormously important issue in economic policy."
Transforming the European Economy
by Martin Neil Baily
Jacob Funk Kirkegaard
368 pp. ISBN paper 0-88132-343-8 $31.95
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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.
Chapters are provided for preview only.
1. New Policies and New Goals for Changing Times
2. Europe's Postwar Success and Subsequent Problems
3. What Drives Productivity and How to Improve It in Europe
4. The Productivity Puzzle in Britain
5. Reforming the Labor Market and Social Programs
6. What Should Europe Do: Getting the Macroeconomics Right
7. Are Current Reform Efforts on the Right Track?