Economic Policy Worldwide Must Focus on Growth

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The main economic task at present for the policy authorities around the industrialized world is to encourage economic growth. Of course, the issue is not so clear-cut for all countries.

Inflation remains a problem in some countries - such as Germany - even while growth is lagging. But in Japan and the United States it has been contained and is more a potential problem than a present danger.

Current political and social turmoil makes a greater tilt toward pro-growth policies in the Group of Seven countries more urgent. The traumas of Eastern Europe cannot be constructively resolved without the underpinning and example of economic dynamism in Western Europe, as well …