These changes do not directly induce economic growth, but they increase the economy s potential or long run income. Growth itself occurs as the economy begins to converge to this higher level of long run income.

Witness the divergence in long run economic growth between the Euro 2012 co hosts.

China must recognize that high savings will not provide stable growth over the long run.

Temporary Keynesian demand measures may help to sustain short run internal growth, but they will not solve France s long run competitiveness problems.

From 2004 to 2011 (excluding the crisis year of 2009), the region almost doubled its long run average growth rate.

And one of those ideas is that growth is unsustainable in the long run unless it is inclusive and green.

The Long Short Run

The second battle involves long run structural issues slowing the growth of government spending, reforming taxes, and increasing labor market flexibility.

But if monetized fiscal deficits are allowed to run, the increase in long term yields will put a chokehold on growth.

The second battle involves long run structural issues slowing the growth of government spending, reforming taxes, and increasing labor market flexibility.

Stocks and the Long Run

These are key issues in the short term, but, as every economist knows, long run economic growth is determined mainly by improving productivity.

At 40 a barrel, expect oil prices to slow the long run growth rate of the world's potential output by 0.1 per year.

Household savings are finally beginning to rise, which is good for the long run health of household finances, but disastrous for economic growth.

China has long run large surpluses.

So long as spending goes to investments yielding a modest return of 6 , the long term debt will be reduced, even as the short term deficit increases, owing to the higher tax revenues generated by the larger output in the short run and the more rapid growth in the long run.

Only if growth is significantly faster over the long run will living standards for the vast majority of the region s voters begin to rise.

A key parameter for determining the long run sustainability of public debt is the gap between interest rates and the nominal GDP growth rate.

Six months that could have been spent boosting the long run growth potential of the American economy through infrastructure investment, educational reform, or an overhaul of health care financing greatly easing America's long run deficit and debt dilemmas in the process have been lost.

But what about the long run? Do large long run effects of tax rates show up in international differences in employment?

In the long run, this is dangerous.

The long run damage could be devastating.

Economists have proposed three explanations for why macroeconomic catastrophes have not caused more human suffering and deranged long run economic growth over the past generation.

But the political reality is that China s government favors rapid growth in the short run over the structural reforms needed to sustain long term economic performance.

This process does work in the long run. But Germany s reforms took place in a much healthier global economy, and, when the initial divergences are large, it may take too long to restore growth.

This process does work in the long run.

In the long run, more diversity is needed.

Faced with the trade off between economic growth in the short run and over the medium to long term, these central banks are opting for the latter.

But, of course, we cannot overcome long run uncertainty.

Acting now means less spending in the long run.

In the long run, WikiLeaks matters for two reasons.

In the long run, these differences outweigh women s commonalities.

In the long run, America s growth pattern must undergo a structural shift from reliance on debt and consumption one based on Americans vaunted capacity for creativity and innovation.

As long as the status quo persists, with strong global growth and stunning macroeconomic stability, the US can continue to borrow and run trade deficits without immediate consequence.

A significantly higher saving rate would help the US economy in the long run, but it would be a barrier to robust growth in the next few years.

When young people cease to be the engine of an economy, long run economic growth is endangered, and social unrest becomes a real threat to the democratic political order.

When that happens, the long run future will be now.

In the long run, though, rule by bayonet rarely works.

In the long run, Georgia and Russia must coexist peacefully.

Back in the early 1990's, American officials like me who were making long term forecasts for the Clinton administration cautioned that it would be rash to forecast an average long run growth rate of more than 2.5 per year and that actual growth might turn out to be even slower.

We estimate that if a proportion of that money had been allocated to domestic investment in roads, schools, and research, the American economy would have been stimulated more in the short run, and its growth would have been enhanced in the long run.

In the long run, of course, emerging markets will benefit from interest rate normalization, because they will no longer suffer the distortions and imbalances that lead to unsustainable growth patterns.

That is certainly the challenge for China in the long run.

For some countries, this long run prospect might be uncomfortably close.

Worse still, over the long run, the tax burden would shift.