Encouraging Growth and Stability   [open pdf - 82KB]

This document is a speech entitled "Encouraging Growth and Stability," presented by Edward P. Lazear, Chairman of the President's Council of Economic Advisers, at The National Association for Business Economists in Washington, D.C. on October 7, 2008. The main focus of the speech was on the recent financial crisis, steps taken to address the problem, and what can be expected. The key question raised in the speech was how to ensure continued success and stability. In his speech, Lazear uses evidence, through tables and charts, based on the historical record of the G-7 and OECD countries. The speech also covers growth rates, labor market flexibility, unrestricted capital markets, taxes, and openness and trade. Lazear concludes with "Those countries that have adopted policies that favor flexible labor and capital markets, low and efficient taxes, and openness to trade have enjoyed better growth and less severe cyclical downturns. The next few months may be trying times for the U.S. economy and that of the rest of the interconnected world. But the conditions that have contributed to our high growth and stability will also work to get us through this difficult period quickly and with the minimum amount of pain."

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