Retrieve and read the speech, Senior Deputy Governor of Bank of Canada on “ At t

Question

Retrieve and read the speech, Senior Deputy Governor of Bank of Canada on “ At the Crossroads: Innovation and Inclusive Growth,” and answer the following questions:

A)Briefly discuss two major negative effects of innovation.

B)How can innovation and growth be made more inclusive?

IIII BANK OF CANADA BANQUE DU CANADA Remarks by Carolyn A. Wilkins Senior Deputy Governor of the Bank of Canada G7 Symposium on Innovation and Inclusive Growth Montebello, Quebec February 8, 2018 At the Crossroads: Innovation and Inclusive Growth Ooh, standin' at the crossroad, tried to flag a ride Ooh-ee, I tried to flag a ride Didn't nobody seem to know me, babe, everybody pass me by "Cross Road Blues" by Robert Johnson, 1936 Introduction Welcome to Canada-and to a snowy Montebello. This day is dedicated to a discussion about innovation and inclusive growth. It is great to have so many experts with us today. Thank you We know that technological advances are key to improving an economy's potential to grow They have raised living standards in G7 countries and across the globe, and have helped lift more than one billion people around the world out of extreme poverty since the Second World War.1 The current wave of innovation-digitalization and automation-promises to raise trend growth in the economy even more However, as we are discussing today, 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 nsing income 1 The data for this calculation are taken from M. Roser and E. Ortiz-Ospina, Global Extreme Pove (2018). Poverty is defined as a consumption level below Int$1.90 per day, adjusting for price differences and inflation I would like to thank Gurnain K. Pasricha, Lori Rennison and Eric Santor for their help in preparing this speech Not for publication before Feb. 8, 2018 13:00 Eastern Time

Explanation / Answer

The two major negative effects of innovation discussed in the speech are:

Answer 2) Innovation and growth can be made more inclusive by:

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