Congratulations Nick!

Work from Deming, Ong and Summers late last year is also good on suggestive evidence for the US on tech driving wider creative destruction in the US: www.economicstrategygroup.org/wp-content/u...

11/ Finally—it’s impossible to do justice to the richness of the interviews in a thread, including from Cecelia Rouse,
@jasonfurman.bsky.social, @michaelrstrain.bsky.social, Alejandra Y Castillo, @jonasnahm.com and Jonah Wagner.

You can read each in full here: sites.harvard.edu/uk-regional-...

10/ Thanks to @harvardbizgov.bsky.social and
and @strandgroup.bsky.social for supporting the project—and for hosting us at our US launch (with
@stephanomics.bsky.social) and tonight’s UK launch at KCL with Martin Wolf, Andy Haldane, and Shriti Vadera.

US launch: www.youtube.com/channel/UCBI...

9/ That last point—communication—touches on the elephant in the room: if there’s lots to learn from Biden’s admin, can we also learn from the Dems’ failure to secure re-election?

8/ That gives us our “lessons for the UK on a slide”:

7/ Finally, we look at Biden’s supply-side agenda: lessons on industrial policy, place-based policy, protectionism, and paths not taken (like the early care economy push)—as Gene Sperling (L), @briancdeese.bsky.social, and @jaredb-econ.bsky.social set out in their interviews.

6/ Third, the US has long outperformed the UK/Europe on productivity—and that gap’s been growing since the mid-2010s. We cite Erixon, Guinea and du Roy, and Deming, Summers & Ong on the return of US TFP growth, and the UK’s tech gap (so far) relative to US.

5/ As
@adamposen.bsky.social (L) noted, many Dems and allies worried in early 2021 about the downsides of job churn. But @hboushey.bsky.social, @juliesulabor.bsky.social and others showed how supports (expanded UI, pro-worker orders) helped raise both wages and productivity.

4/ Second, we think the inflation debate can obscure the real lesson: the value of dynamism and flexibility when you “run the economy hot.” Job creation/destruction in the US pulled even further ahead of the UK post-pandemic.

3/ First, our interviewees differed on whether the political cost of the American Rescue Plan outweighed the economic gains (jobs, productivity). No one disputed that, at the margin, it nudged up inflation in ‘21/’22. See
@larrysummers.bsky.social (L) and Lael Brainard (R):

2/ Our paper is built around 4 conclusions—on inflation, dynamism, growth, and industrial policy—that my coauthors (@huwspencer.bsky.social, Vidit Doshi, @juliapamilih.bsky.social, @officialedballs.bsky.social) and I drew from the interviews. We apply them to Britain—an economy with v dif challenges

Great stuff Aveek - subscribed!

Some notable absences (changes to voting system, so I guess they'll keep FPTP @jacknewman.bsky.social? And little on democracy/community engagement)...

And some issues deferred (pledges a local media strategy, a refrshed New Deal for Communities, and local gov-led public service reform)