An economic policy for the fifth long wave
AbstractThe 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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Bibliographic InfoArticle provided by Banca Nazionale del Lavoro in its journal BNL Quarterly Review.
Volume (Year): 57 (2004)
Issue (Month): 231 ()
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Find related papers by JEL classification:
- E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
- O34 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
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