In addition, although I am optimistic about the longer-run prospects for the U.S. economy, we cannot rule out the possibility expressed by some prominent economists that the slow productivity growth seen in recent years will continue into the future. Vulnerabilities in the global economy also remain.
This requires an acknowledgement that undermining economic incentives and freedom is detrimental to entrepreneurial activity. Allow me next to elaborate further on what should constitute a growth-friendly economic environment. 2  See Stiroh, K. J. (2002): ‘Are ICT Spillovers Driving the New Economy?’ Review of Income and Wealth, Series 48, No 1, March. 3  See Schumpeter, J.A.