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OCR for page R7
Investing for Productivity and Prosperity Contents     SUMMARY   1      Restructuring, Investment, and Growth,   2      Saving and Investment,   3      Assessing the Causes of the Investment Problem,   5      Conclusion,   9     THE IMPERATIVE OF GROWTH   9     HISTORICAL AND COMPARATIVE PERFORMANCE   13     SOURCES OF LOWER SAVING   20     HURDLE RATES AND INVESTMENT DECISIONS   23     WHY DO HURDLE RATES DIFFER?   26     SOURCE OF THE COST OF EQUITY DISPARITY   28     HURDLE RATES, TIME HORIZONS, AND CAPITAL ALLOCATION SYSTEMS IN THE INDUSTRIAL COUNTRIES   29     CONCLUSIONS AND RECOMMENDATIONS   34      Tax Reform to Reduce the Cost of Capital and Lengthen Time Horizons in the United States,   34      Lengthening Managerial Time Horizons,   37      Developing a Cadre of Long-Term Investors,   38

OCR for page R7
Investing for Productivity and Prosperity     RECAPITULATION   39     TAKING THE LONG VIEW OF POLICY REFORM   40     REFERENCES   41