In light of this one may argue, and I agree, that financial resources have until now been directed too much toward the financing of unsustainable fiscal deficits and too little toward productive investment and growth. Financial resources are not unlimited, and for the sake of growth they should flow toward where productivity growth is high.
In what follows, I will expound my views on the multi-faceted challenges faced by the world economy, as it struggles to exit the current crisis and embark on a path of sustainable growth going forward. I will then move on to highlight the importance of finding a global solution for growth, with some supporting preliminary evidence.