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1 - Introduction

from Part I - Overview

Published online by Cambridge University Press:  21 October 2021

By
John W. Diamond  and
George R. Zodrow
Edited by
John W. Diamond  and
George R. Zodrow
John W. Diamond
Affiliation:
Rice University, Houston
George R. Zodrow
Affiliation:
Rice University, Houston
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Summary

This introduction summarizes the nine central chapters that make up this volume. Martin Feldstein examines the structural reasons for relatively high US growth rates, notes fiscal problems inhibiting future growth including in deficits in social insurance programs, and suggests reforms. Flávio Cunha examines how the development of human capital, especially at early ages, affects economic growth. George Borjas analyzes how increased immigration would affect economic growth in the United States. Glenn Hubbard explores the debate between “techno-optimists” and “techno-pessimists” on the growth effects of technological progress, while Timothy Bresnahan examines in detail the commercial applications of Artificial Intelligence Technologies (AITs). Robert Barro estimates the macroeconomic effects of the recently enacted Tax Cuts and Jobs Act, while John Diamond and George Zodrow examine the macroeconomic and distributional effects of a carbon tax. Ross Levine discusses the links between banking and economic prosperity, and Stephen Turnovsky examines the relationships among income, wealth inequality, and economic growth.

Keywords

economic growthcarbon taxfiscal policyimmigrationsocial insurance programsTax Cuts and Jobs Act
Type
Chapter
Information
Prospects for Economic Growth in the United States , pp. 3 - 21
Publisher: Cambridge University Press
Print publication year: 2021

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References

Barro, Robert J., and Furman, Jason, 2018. “Macroeconomic Effects of the 2017 Tax Reform.” Brookings Papers on Economic Activity 49 (1) Spring, 257–345.CrossRefGoogle Scholar
Cohen, Tyler, 2011. The Great Stagnation: How America Ate All the Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better. Penguin Group, New York, NY.Google Scholar
Diamond, John W., and Zodrow, George R., 2018. “The Effects of Carbon Tax Policies on the US Economy and the Welfare of Households.” Report. Columbia SIPA Center on Global Energy Policy, New York, NY, https://energypolicy.columbia.edu/research/report/effects-carbon-tax-policies-us-economy-and-welfare-households.Google Scholar
Feldstein, Martin and Samwick, Andrew, 1998. “The Transition Path in Privatizing Social Security.” In Feldstein, Martin (ed.), Privatizing Social Security, 215–64. University of Chicago Press, Chicago, IL.Google Scholar
Gordon, Robert, 2016. The Rise and Fall of American Growth: The U.S. Standard of Living Since the Civil War. Princeton University Press, Princeton, NJ and Oxford, UK.CrossRefGoogle Scholar
Goulder, Lawrence H., and Hafstead, Marc, 2018. Confronting the Climate Challenge: U.S. Policy Options. Columbia University Press, New York, NY.Google Scholar
Larsen, John, Mohan, Shashank, Marsters, Peter, and Herndon, Whitney, 2018. “Energy and Environmental Implications of a Carbon Tax in the United States.” Columbia SIPA Center on Global Energy Policy, New York, NY.Google Scholar
McAfee, Andrew, and Brynjolfsson, Erik, 2017. Machine, Platform, Crowd: Harnessing Our Digital Future. W.W. Norton, New York, NY.Google Scholar
Summers, Lawrence H., 2015. “Have We Entered an Age of Secular Stagnation?” IMF Economic Review 63 (1), 277–80.Google Scholar
Zodrow, George R., and Diamond, John W., 2013. “Dynamic Overlapping Generations Computable General Equilibrium Models and the Analysis of Tax Policy.” In Dixon, Peter B. and Jorgenson, Dale W. (eds.), Handbook of Computable General Equilibrium Modeling, Volume 1, 743–813. Elsevier, Amsterdam, Netherlands.CrossRefGoogle Scholar

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