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National Competitiveness, Dynamics of Adjustment and Long-term Economic Growth: Conceptual, Empirical and Policy Issues

Author

Listed:
  • Howes, C.
  • Singh, A.

Abstract

Although the concept of national competitiveness is widely used by policy-makers at both the national and international levels, it has been the subject of severe criticism by Professor Krugman. He regards it as a meaningless concept and in the hands of naïve policy-makers 'a dangerous obsession' with harmful consequences. This paper challenges Professor Krugman's critique and suggests that its validity depends on a rather limited economic model whose assumptions are greatly at variance with the real world. The paper shows the analytical validity and usefulness of the concept specifically in relation to the UK and US economies.

Suggested Citation

  • Howes, C. & Singh, A., 1999. "National Competitiveness, Dynamics of Adjustment and Long-term Economic Growth: Conceptual, Empirical and Policy Issues," Accounting and Finance Discussion Papers 00-af43, Faculty of Economics, University of Cambridge.
  • Handle: RePEc:cam:camafp:00-af43
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    References listed on IDEAS

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    1. Krugman, Paul, 1989. "Differences in income elasticities and trends in real exchange rates," European Economic Review, Elsevier, vol. 33(5), pages 1031-1046, May.
    2. Fagerberg, Jan, 1996. "Technology and Competitiveness," Oxford Review of Economic Policy, Oxford University Press, vol. 12(3), pages 39-51, Autumn.
    3. James K. Galbraith, 1997. "Time to Ditch the NAIRU," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 93-108, Winter.
    4. Dornbusch, Rudi, 1996. "The Effectiveness of Exchange-Rate Changes," Oxford Review of Economic Policy, Oxford University Press, vol. 12(3), pages 26-38, Autumn.
    5. Crafts, Nicholas, 1996. "Deindustrialisation and Economic Growth," Economic Journal, Royal Economic Society, vol. 106(434), pages 172-183, January.
    6. Erik Brynjolfsson & Lorin Hitt, 1996. "Paradox Lost? Firm-Level Evidence on the Returns to Information Systems Spending," Management Science, INFORMS, vol. 42(4), pages 541-558, April.
    7. Kitson, Michael & Michie, Jonathan, 1996. "Britain's Industrial Performance since 1960: Underinvestment and Relative Decline," Economic Journal, Royal Economic Society, vol. 106(434), pages 196-212, January.
    8. Thomas Klitgaard & James A. Orr, 1998. "Evaluating the price competitiveness of U.S. exports," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 4(Feb).
    9. Robert Z. Lawrence, 1990. "U.S. Current Account Adjustment: An Appraisal," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(2), pages 343-392.
    10. Joseph Stiglitz, 1997. "Reflections on the Natural Rate Hypothesis," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 3-10, Winter.
    11. Singh, Ajit, 1989. "Third World Competition and De-industrialisation in Advanced Countries," Cambridge Journal of Economics, Oxford University Press, vol. 13(1), pages 103-120, March.
    12. repec:mes:challe:v:41:y:1998:i:4:p:42-65 is not listed on IDEAS
    13. Nelson, Richard R & Wright, Gavin, 1992. "The Rise and Fall of American Technological Leadership: The Postwar Era in Historical Perspective," Journal of Economic Literature, American Economic Association, vol. 30(4), pages 1931-1964, December.
    14. Singh, Ajit, 1977. "UK Industry and the World Economy: A Case of De-industrialisation?," Cambridge Journal of Economics, Oxford University Press, vol. 1(2), pages 113-136, June.
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    More about this item

    Keywords

    National competitiveness; Technical change;

    JEL classification:

    • F0 - International Economics - - General
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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