“It is great to be here with my close colleagues to discuss productivity growth—among the more vexing challenges that economists and policymakers face today. Indeed, productivity poses perhaps the largest disparity between its substantive importance and how much we understand it. Productivity growth is central to a range of economic questions from the slowdown in middleclass incomes in recent decades to the outperformance of employment over output in the current recovery. Looking forward, productivity growth is essential to understanding how quickly wages can grow, how fast the economy can grow, and the magnitude—and potentially even the existence—of a long-term fiscal gap.”
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