A Quote by Nicholas Stern
Unfortunately, the current pace of progress is not nearly rapid enough, with many rich industrialised countries being slow to make the transition to cleaner and more efficient forms of economic growth.
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The main issue [of the Scientific Revolution] is that the people in the industrialised countries are getting richer, and those in the non-industrialised countries are at best standing still: so the gap between the industrialised countries and the rest is widening every day. On the world scale this is the gap between the rich and the poor.
The rich do not have to invest enough in the poorest countries to make them rich; they need to invest enough so that these countries can get their foot on the economic ladder . . . Economic development works. It can be successful. It tends to build on itself. But it must get started.
I think that in the last eight years, we were averaging economic growth of about 2 percent. It's not good. It's very slow. It's a slow pace. People are expecting that pace to continue if Hillary Clinton becomes president.
Inflation is certainly low and stable and, measured in unemployment and labour-market slack, the economy has made a lot of progress. The pace of growth is disappointingly slow, mostly because productivity growth has been very slow, which is not really something amenable to monetary policy. It comes from changes in technology, changes in worker skills and a variety of other things, but not monetary policy, in particular.
The aging and decreasing population is a serious problem in many developed countries today. In Japan's case, these demographic changes are taking place at a more rapid pace than any other country has ever experienced.
Change is more often a rapid transition between two stable states than a continuous transformation at slow and steady rates. . . .Change occurs in large leaps following a slow accumulation of stress that a system resists until it reaches the breaking point. Heat water, and it eventually boils. Oppress the workers more and more and bring on the revolution.
Fiscal decentralisation does not lead to higher economic growth because economic growth is much more driven by factors other than taxes and spending, e.g. increases in technological progress and improved human capital.
I say that our economic future is in the new technology that will lead to more fuel efficient cars and cleaner energy.
In my current work on global warming, I argue that the only apparent solution to the deep problem of climate change would require very large transfers of wealth from rich nations to poor nations, so that the entire world can make the transition to renewable forms of energy as fast as possible.
I am very pleased with the progress of the new CBS Corporation. The Company's rapid pace of change and innovative approach to emerging business opportunities can be seen in the many strategic announcements we have made over these past few months. The more focused and more nimble organization we sought to create has become a reality and that aggressive spirit of excellence and innovation will continue to benefit shareholders for many years to come.
So that we focus not on competing visions for Europe but on what Europe can do to improve economic growth, to give us a cleaner environment, to create more jobs, to make us more secure.
Perhaps the hardest challenge has been to persuade the public, impatient for rapid growth, of the need to ensure stability first. Growth, it is argued, is always more important, regardless of the looming economic risks.
All the forms of double taxation in the current system are punitive and self-destructive because they are literally destroying people's incentive to provide that seed corn for future economic growth.
Empowering the individual means empowering the nation. And empowerment is best served through rapid economic growth with rapid social change.
Hillary is not an agent of change. Nor does she have any idea how to restore rapid economic growth. Instead, she is a prisoner of the Left. Tax the rich, inequality, redistribution.
In my view, the key aim of economic policy in many countries, and particularly in Russia, should be the sort of policy that stimulates productivity growth because only on the basis of growth of labour productivity can we enjoy healthy growth.
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