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CEPAR Chief Investigator Warwick McKibbin and Adam Triggs co-authored the book chapter 'Stagnation vs. Singularity: The Global Implications of Alternative Productivity Growth Scenarios' in the book Growth in a Time of Change: Global and Country Perspectives on a New Agenda.
The authors say productivity growth has flat-lined in most economies despite rapid advances in technology, and explore in this book chapter the implications of alternative productivity growth scenarios for the global economy, particularly for growth, labour markets and the flows of trade and capital. They discuss the appropriate policy response under these alternative scenarios, highlighting the importance of productivity-enhancing reforms and the first-mover benefits that can flow to economies which move closer to the productivity frontier.
Stagnation vs. Singularity: The global implications of alternative productivity growth scenarios. McKibbin W and Triggs A in: Growth in a time of change – Global and country perspectives on a new agenda. Ed: Kim H-W and Qureshi Z, Brookings Institution Press, 2020.
The book is the first of a two-book research project, a collaboration between the Brookings Institution and the Korea Development Institute (KDI), and addresses new issues and challenges for economic growth arising from ongoing significant change in the world economy, focusing especially on technological transformation.
CAMA Working Paper 26/2019: Stagnation vs Singularity: The Global Implications of Alternative Productivity Growth Scenarios