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The EPAC ‘Growth Papers’: An Assessment

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  • TONY ASPROMOURGOS
  • GRAHAM WHITE

Abstract

During 1986 the Economic Planning Advisory Council published a series of six papers examining the role of economic policy in fostering long‐term growth. This article provides a review and critical assessment of the EPAC analysis. The fundamental issue at stake is whether long‐term growth is a supply‐driven or a demand‐driven process. In particular, the crucial issue neglected by EPAC is the relationship between aggregate demand, the inducement to invest and the growth of productive capacity. The conclusion is that in order to promote sustained growth, policy must provide the structural and macroeconomic requirements for a sustainable growth of aggregate demand.

Suggested Citation

  • Tony Aspromourgos & Graham White, 1990. "The EPAC ‘Growth Papers’: An Assessment," The Economic Record, The Economic Society of Australia, vol. 66(1), pages 12-22, March.
    • Handle: RePEc:bla:ecorec:v:66:y:1990:i:1:p:12-22
    DOI: 10.1111/j.1475-4932.1990.tb02081.x
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    References listed on IDEAS

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    1. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720.
    2. P. Garegnani, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 37(3), pages 407-436.
    3. Donald J. Harris, 1982. "Structural Change And Economic Growth," Contributions to Political Economy, Oxford University Press, vol. 1(1), pages 25-45.
    4. Garegnani, Pierangelo, 1979. "Notes on Consumption, Investment and Effective Demand: II," Cambridge Journal of Economics, Oxford University Press, vol. 3(1), pages 63-82, March.
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