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The Macroeconomics of Industrial Strategy

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Author Info
Philip Arestis (The Jerome Levy Economics Institute)
Malcolm Sawyer (The Jerome Levy Economics Institute)

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Abstract

This paper explores some of the links between macroeconomic policy and industrial strategy. The perspective of the present paper is to emphasis the role of the output and investment activities of enterprises rather than the general focus on the labour market in the determination of economic performance. We have explore this aspect in some detail in connection with the inflation barrier, and argue that such a barrier should be viewed in terms of a lack of capacity. We briefly review the balance of trade constraint on growth and employment. The over-all implications of those two sets of analyses is that macroeconomic performance would be enhanced by appropriate industrial strategy, and that inappropriate macroeconomic policies will damage industrial performance. Policies designed to restrain inflation by lowering the level of aggregate demand will tend to depress investment and harm capacity. Improved industrial performance requires a climate conducive to investment and research and development, which in turn depends on, inter alia, high and stable levels of aggregate demand.

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Paper provided by EconWPA in its series Macroeconomics with number 9808002.

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Length: 22 pages
Date of creation: 11 Aug 1998
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Handle: RePEc:wpa:wuwpma:9808002

Note: Type of Document - Acrobat PDF; prepared on IBM PC - PC; to print on PostScript; pages: 22; figures: included
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E - Macroeconomics and Monetary Economics

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Dixon, Huw David & Rankin, Neil, 1994. "Imperfect Competition and Macroeconomics: A Survey," Oxford Economic Papers, Oxford University Press, vol. 46(2), pages 171-99, April. [Downloadable!] (restricted)
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  2. Arestis, Philip & Mariscal, Iris Biefang-Frisancho, 1994. "Wage Determination in the UK: Further Empirical Results Using Cointegration," Applied Economics, Taylor and Francis Journals, vol. 26(4), pages 417-24, April.
  3. Philip Arestis & Iris Biefang-Frisancho Mariscal, 1997. "Conflict, Effort and Capital Stock in UK Wage Determination," Empirica, Springer, vol. 24(3), pages 179-193, October. [Downloadable!] (restricted)
  4. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-55, December. [Downloadable!] (restricted)
  5. McCombie, J S L & Thirlwall, A P, 1997. "The Dynamic Harrod Foreign Trade Multiplier and the Demand-Oriented Approach to Economic Growth: An Evaluation," International Review of Applied Economics, Taylor and Francis Journals, vol. 11(1), pages 5-26, January.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jamee K. Moudud, . "Government Spending in a Growing Economy, Fiscal Policy and Growth Cycles," Economics Public Policy Brief Archive 52, Levy Economics Institute, The. [Downloadable!]
  2. Jamee K. Moudud, 2000. "Crowding In or Crowding Out? A Classical-Harrodian Perspective," Economics Working Paper Archive 315, Levy Economics Institute, The. [Downloadable!]
  3. Jamee K. Moudud, 2000. "Crowding In or Crowding Out? A Classical-Harrodian Perspective," Macroeconomics 0012001, EconWPA. [Downloadable!]
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