Mises Daily
Author:
Thorsten Polleit
Online Publish Date:
way to a cyclical upswing in the major western industrialised countries. Monetary policy, however, has kept short-term interest rates at crisis levels. Despite the US can thus be expected to water down the need to bring about product and process innovations, a crucial ingredient for sustained growth. Low borrowing costs prevent slow economic growth, could provoke public pressure on the central banks’ low-rate policies. If central bankers do not see the need, nor have the courage, to pursue a