The onset of globalization leaves the competing nations of the world with two rather stark choices: (1) accept lower wages in order to compete in global markets, or (2) invest in productivity enhancing assets to enable dominance in enough high valued-added markets to lift real incomes. Almost no one would opt for the first policy option. However, the choice of economic growth policies to achieve the second option is extremely varied across the worlds economies.
Citation: NIST Website
Pub Type: Others
federal, technology-based, technology, economic