In Chapter 12, we shall argue that a key, perhaps necessary, way out of the accumulation of excessive debt, notably by non-financial corporates, will be to shift managerial incentives, and to encourage equity finance in place of debt. In any case, we claim that growing labour market tightness will raise wages and unit labour costs. For such reasons, we think it quite likely, though far from certain that, in future, investment per worker will rise.
