"The takeaway is that firms will only make big productivity-enhancing investments if they operate in growth sectors where it makes sense. This is why Europe has a gap in nonconstruction investment rates relative to the U.S.: Its top three research spenders in recent times have consistently been petroleum-car companies. In the U.S., by contrast, big R&D spenders were in automobiles and pharmaceuticals in the 2000s, then in software and hardware in the 2010s and more recently in digital applications.
But nations can't easily move into these more-complex sectors, because increasing returns to scale create a natural barrier against any entrepreneurial challenger."
Trecho e figura retirados de "Europe Embraces New U.S. Growth Model" no WSJ de ontem.
Sem comentários:
Enviar um comentário