Growth

Whether or not we see another boom in productivity is a question of policy, not a question of fate.

Tight labor markets and strong investment are crucial to securing the three-legged stool of productivity growth, but a stable supply of the essentials may be the most important to focus on today.

The second leg of the productivity growth stool is a boom in fixed investment. This is the heart of productivity growth in many ways, and is critical to achieving disinflationary dynamics over the medium term.