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Europe's Growth Challenge$
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Anders Aslund and Simeon Djankov

Print publication date: 2017

Print ISBN-13: 9780190499204

Published to Oxford Scholarship Online: January 2017

DOI: 10.1093/acprof:oso/9780190499204.001.0001

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What Is Right and Wrong with Europe?

What Is Right and Wrong with Europe?

(p.15) 1 What Is Right and Wrong with Europe?
Europe's Growth Challenge

Anders Åslund

Simeon Djankov

Oxford University Press

Europe’s overgrasping problem is low economic growth. Since the mid-1970s Europe has not converged any further with the United States. Nor is any convergence forecast in the future. Specifically, Europe is lagging behind in productivity, employment, innovation, and the development of digital and service markets. Europe has experienced waves of migration, which pose threats but also offer opportunities. The European country that currently manages migration most successfully appears to be Ireland. Europe has far from full employment, with some countries having low employment, while employees work short hours in other countries, suggesting distortion of incentives and regulation. Europe’s greatest prides are eminent human capital and excellent rule of law. The key question is how to enhance labor productivity.

Keywords:   Economic growth, migration, employment, human capital, education, rule of law

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