On optimal control and macroeconomic policy
Control theory has important contributions to make to the theory of macro-economic policy. These include a unified view of estimation, forecasting and control and a consequently clearer focus in identifying performance criteria. Further, the methods of control theory imply objectivity and a need for assumptions to be made explicit. By contrast, the UK lacks a research body for forecasting and policy evaluation detached from doctrinal or methodological commitment. Engineering control methods, however, diverge from those wholly acceptable to economic systems in that, in the latter, the controller is himself part of the system he controls and some of his controls operate only indirectly. A further difference is that economics cannot as yet furnish the controller with reliable models of system behaviour linking policy instruments to set targets.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 6 (1978)
Issue (Month): 2 ()
|Contact details of provider:|| Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/375/description#description|
|Order Information:|| Postal: http://www.elsevier.com/wps/find/supportfaq.cws_home/regional|
When requesting a correction, please mention this item's handle: RePEc:eee:jomega:v:6:y:1978:i:2:p:117-121. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.