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New Zealand's Economic Reforms: An assessment

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  • Paul Dalziel

Abstract

New Zealand's economic policy between 1984 and 1996 is often hailed as an example of comprehensive supply-side reform that successfully improved the performance of a weak economy. In contrast, this paper presents statistical evidence to show that: (1) New Zealand sacrificed a large volume of real per capita gross domestic product after 1987; (2) its average unemployment rate increased substantially after 1988; (3) labour productivity growth declined after 1992; and (4) the per capita real income of low-income households in 1996 was more than 3% lower in absolute terms than it had been in 1984. The paper concludes that the economic reform programme did not achieve the objectives expected at its launch.

Suggested Citation

  • Paul Dalziel, 2002. "New Zealand's Economic Reforms: An assessment," Review of Political Economy, Taylor & Francis Journals, vol. 14(1), pages 31-46.
    • Handle: RePEc:taf:revpoe:v:14:y:2002:i:1:p:31-46
    DOI: 10.1080/09538250120102750
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    References listed on IDEAS

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    1. Paul Conway & Adrian Orr, 2000. "The process of economic growth in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 63, March.
    2. Erwin Diewert & Denis Lawrence, 1999. "Measuring New Zealand’s Productivity," Treasury Working Paper Series 99/05, New Zealand Treasury.
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    Cited by:

    1. Paresha N. Sinha & Peter Jaskiewicz & Jenny Gibb & James G. Combs, 2020. "Managing history: How New Zealand's Gallagher Group used rhetorical narratives to reprioritize and modify imprinted strategic guideposts," Strategic Management Journal, Wiley Blackwell, vol. 41(3), pages 557-589, March.
    2. Aida Caldera Sánchez & Alain de Serres & Naomitsu Yashiro, 2017. "Reforming in a Difficult Macroeconomic Context: A Review of Issues and Recent Literature," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 8(01), pages 1-41, February.
    3. Stillman, Steven & Velamuri, Malathi & Aitken, Andrew, 2010. "The long-run impact of New Zealand's structural reform on local communities," Journal of Comparative Economics, Elsevier, vol. 38(4), pages 432-448, December.
    4. Tim Hazledine & John Quiggin, 2005. "No More Free Beer Tomorrow? Economic policy and outcomes in Australia and New Zealand 1984-2003," Australian Public Policy Program Working Papers WP4P05, Risk and Sustainable Management Group, University of Queensland.
    5. Michael Ryan, 2020. "An Anchor in Stormy Seas: Does Reforming Economic Institutions Reduce Uncertainty? Evidence from New Zealand," Working Papers in Economics 20/11, University of Waikato.
    6. Alshyab, Nooh, 2013. "The Political Economy of Reform and Development of the Washington Consensus," MPRA Paper 46014, University Library of Munich, Germany.
    7. repec:bla:ausecr:v:41:y:2008:i:4:p:389-393 is not listed on IDEAS
    8. Alison J. Blaiklock & Cynthia A. Kiro & Michael Belgrave & Will Low & Eileen Davenport & Ian B. Hassall, 2002. "When the Invisible Hand Rocks the Cradle: New Zealand children in a time of change," Papers inwopa02/20, Innocenti Working Papers.
    9. Michael Ryan, 2020. "A Narrative Approach to Creating Instruments with Unstructured and Voluminous Text: An Application to Policy Uncertainty," Working Papers in Economics 20/10, University of Waikato.
    10. Starke, Peter, 2005. "Resilient or residual? From the wage earners' welfare state to market conformity in New Zealand," TranState Working Papers 22, University of Bremen, Collaborative Research Center 597: Transformations of the State.
    11. Michael C. Shone & P. Ali Memon, 2008. "Tourism, Public Policy and Regional Development: A Turn from Neo-liberalism to the New Regionalism," Local Economy, London South Bank University, vol. 23(4), pages 290-304, November.
    12. Chatterjee, Srikanta & Dalziel, Paul & Daunfeldt, Sven-Olov & Podder, Nripesh, 2008. "Income Inequality and Transformation of the Welfare State: A Comparative Study of the Reforms in New Zealand and Sweden," HUI Working Papers 20, HUI Research.
    13. repec:bla:ausecr:v:41:y:2008:i:4:p:394-398 is not listed on IDEAS
    14. Cronin, Bruce, 2008. "Economic restructuring in New Zealand: A classical account," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 19(3), pages 340-382.

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