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An op-ed by Prof. Michael Spence on how developed countries can revive sustainable growth

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Excerpt from Project Syndicate -- "To be effective and properly targeted, policies need to include an accurate diagnosis of growth potential and impediments in both the tradable and non-tradable parts of the economy. Focusing on one (say, the competitiveness problem in the tradable sector) to the exclusion of the other (perhaps a serious non-tradable demand shortfall or stagnant absolute productivity) will not be enough."

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