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At the Crossroads: Innovation and Inclusive Growth

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Feb 08, 2018

On February 8, 2018, the Bank of Canada published remarks by Carolyn A. Wilkins, Senior Deputy Governor of the Bank of Canada, given at the G7 Symposium on Innovation and Inclusive Growth. In her remarks, she discusses how technological advances can leave people behind. It is perhaps only in the last decade or so that mainstream macroeconomists have sharpened their focus on how income distribution may affect long-term growth and macro dynamics.

There is compelling evidence that innovation has been an important reason behind rising income inequality in advanced economies in recent decades.2 Research also finds that rising inequality can result in weaker and less-stable macroeconomic outcomes. This places us, as policy-makers, at a crossroads. Do we choose to stay on the same road and repeat the past? Or do we apply fresh thinking to policy and choose a new road where innovation delivers even stronger and more-inclusive growth?

This is the challenge that the G7 countries have set for themselves for 2018. Canada is proud to lead the G7’s work this year to better understand the issues so that we can set priorities for policy.

Review the remarks on the Bank of Canada's website.

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