Europas ekonomiska misär

Edmund Phelps, Nobelpristagare i ekonomi, ställer i dagens Financial Times diagnosen på Europas ekonomiska elände:

Much of continental Europe is in poor shape. True, the aggregate wealth of people is little changed and the social capital in museums, parks and other amenities is still intact. Yet, in the western part, the economy is failing society.

Inclusion of ethnic minorities and youth in the economy — the backbone of their self-esteem and social integration — is more lacking than ever. Among those who do participate, fewer are prospering. It is a measure of the decline that, in almost every country, the growth of wage rates has steadily slowed since 1995. (—)

The main cause of Europe’s deep fall — the losses of inclusion, job satisfaction and wage growth — is the devastating slowdown of productivity that began in the late 1990s and struck large swaths of the continent. It holds down the growth of wages rates and it depresses employment.