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Growth will need to rely to a much greater extent on sustained improvements in human capital, institutions, and governance.
Europe is dangerously close to its financial Sarajevo. The continent's leaders, while relaxing on southern Europe's crisis-ridden shores, should take Tuchman's message to heart.
Is this extraordinary situation stable? In the very near term, certainly; indeed, interest rates could still fall further. Over the longer term, however, this situation is definitely not stable.
The horror has become almost routine. This time, the massacre site was a movie theater in Aurora, Colorado, where accused shooter James Holmes murdered and injured dozens of moviegoers.
Europe's crisis is now poised at the moment that divides recovery and renewal from decline and death.
The real impact of both Microsoft and Google is not on their shareholders, or even on the people that they employ directly, but on the millions of people whom they have made more productive.
In blatant violation of the Maastricht Treaty, the European Commission has come forward with one bailout plan after another for Europe's distressed economies.
The US federal government could emulate this example by compensating the states more generously for their Short-Term Compensation programs.
What would follow the disintegration of the eurozone and – almost certainly with it – that of the European Union?
Many, if not all, of the world's most pressing macroeconomic problems relate to the massive overhang of all forms of debt.
Now that its weaknesses are clear, the euro will remain a source of trouble rather than a path to political power.
Over the years, advanced and developing countries have experimented, sometimes deliberately and frequently inadvertently, with a variety of approaches to growth.
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