Mariana Mazzucato finds that growth in Europe has been constrained not by the price of labor but by the allocation of capital.
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Economics
Jun 30, 2026
Mariana Mazzucato
Policymakers obsessed with competitiveness both in Europe and beyond need to abandon old orthodoxies. New research finds that for two decades, capital in Europe has been abundant and cheap, and corporate profits strong, yet investment, productivity, and wages have stalled, and labor's share of total income has shrunk.
L’inganno sulla competitività europea: a pesare non è il costo del lavoro ma il crollo degli investimenti
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