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But in the long term a halving of the economic speed limit would have grim consequences.
Between the mid-1970s mid-1990s990s America's economic speed limit was about 3%.
America's economic speed limit the pace at which the economy can grow without fuelling inflation is also dropping.
The failure of central bankers to recognise that the economic speed limit had dropped was one reason why inflation spun out of control in the 1970s.
If lower productivity growth is now the norm, then Britain's economic speed limit is lower too.The explanation for the faltering economy matters as much as the figures themselves.
And hostility to immigration, another source of labour, is rising: witness the barriers along the Rio Grande.Any fall in America's economic speed limit will have serious consequences.
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Economic speed-read: Is there a Volcker versus Summers turf war?
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Traditionally, seagoing vessels have been designed to operate at standardized, maximum economic speeds based on hydrodynamic considerations.
This is because its primary purpose along this segment is economic: speeding up the flow of coal and other minerals from the mines of Inner Mongolia towards China's coast.
But the 11 nations sharing a common monetary policy are running at different economic speeds and are not, at the moment, good candidates for a one-size-fits-all interest rate prescription.
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