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An economic policy for the fifth long wave

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Author Info

  • Angelo Reati

    ()
    (Technical University of Lisbon, Research Unit on Complexity in Economics, ISEG-UTL, Lisbon (Portugal))

  • Jan Toporowski

    ()
    (University of Amsterdam, Amsterdam (The Netherlands))

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    Abstract

    The paper starts by reviewing some recent contributions on long waves, arguing that the present technological revolution in ICT is part of the broad phenomenon of a newlong wave. It follows that the main focus of economic policy should be to support the diffusion of the new technology and to favour the institutional changes required by such an objective. Four broad guidelines are suggested: i) a Keynesian policy for demand going beyond the straitjacket of the Maastricht criteria and improving the income distribution in favour of employees, i) a policy to re-establish the primacy of productive capital through systematic concerted open market operations to regulate financial liquidity, iii) a reconstruction of the employment relationship that preserves the essential features of the "European social model" and a targeted flexibility of labour, that contrasts with the neoclassical all-out market flexibility, and iv) a regime for intellectual property rights that avoids the drawbacks--both ethical and economic-- of current US practices.

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9833/9718
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    Bibliographic Info

    Article provided by Banca Nazionale del Lavoro in its journal BNL Quarterly Review.

    Volume (Year): 57 (2004)
    Issue (Month): 231 ()
    Pages: 395-437

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    Handle: RePEc:psl:bnlaqr:2004:43

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    Related research

    Keywords: Diffusion; Long Wave; Technology;

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    References

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    1. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, October.
    2. Kleinknecht, Alfred, 1998. "Is Labour Market Flexibility Harmful to Innovation?," Cambridge Journal of Economics, Oxford University Press, vol. 22(3), pages 387-96, May.
    3. C. Goodhart, 2001. "What Weight Should be Given to Asset Prices in the Measurementof Inflation?," DNB Staff Reports (discontinued) 65, Netherlands Central Bank.
    4. Goodhart, Charles, 2001. "What Weight Should Be Given to Asset Prices in the Measurement of Inflation?," Economic Journal, Royal Economic Society, vol. 111(472), pages F335-56, June.
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    Cited by:
    1. Phillip Anthony O’Hara, 2013. "Policies and Institutions for Moderating Deep Recessions, Debt Crises and Financial Instabilities," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(1), pages 19-49, March.

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