It sets the pace of the peloton but As illustrated in the chart, the GDP growth rates of the US, Canada, cannot halt the diffusion of innovation to other economies. [...] With few the G-7, and the OECD countries as a group are remarkably tightly and relatively minor exceptions, the other members of the peloton correlated, with deviations reflecting country-specific factors that have not been able to leapfrog the broad-based first-mover posi- tend to be of relatively short duration—e.g., the effect of the fall, tion of the US. [...] But the motivation to reflects the product of several factors: the fraction of the population keep pedaling hard appears to be rooted in the institutional quali- of labour force age; the labour force participation rate; the unemploy- ties that enable a society to join the peloton in the first place. [...] Since 2010, the change in the employment The persistence of the close correlation of growth rates of the ratio has favoured the US—the falling blue line. [...] (The chart is based on data from the Centre for the Study of Living Standards.) 8 The growth rate of the product of two factors (A*B) is equal to the sum of the growth rates of A and B.
- Pages
- 11
- Published in
- Canada
