Macroeconomic strategy for the 1990s: getting the long run right
The central economic debate for the first half of 1993, couched in terms of short-run economic stimulus versus long-run deficit reduction was misleading for U.S. long-run strategy. Our long-run depends on growth, but economic growth does not have the close relationship to deficit reduction that is f...
Gespeichert in:
| Hauptverfasser: | , |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Santa Monica, Calif.
RAND
1993
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | The central economic debate for the first half of 1993, couched in terms of short-run economic stimulus versus long-run deficit reduction was misleading for U.S. long-run strategy. Our long-run depends on growth, but economic growth does not have the close relationship to deficit reduction that is frequently asserted, and deficit reduction should not become the central objective of economic strategy that it is becoming. It has been asserted that: (1) U.S. productivity is decreasing, but the record of the 1980s does not bear this out; (2) productivity increases depend on increased investment in business plant and equipment, but technological change and associated factors like education are important; and (3) investment in U.S. plant and equipment has been decreasing because of decreased American savings caused by increased deficits, but investment has not been decreasing, although more of it has been financed from abroad. In any case, increased consumption is frequently a better way of increasing investment than is increased saving. The drive to cut the deficit may thus exert a long-run downward pressure on growth and employment. Further, it may also cut back public expenditures for infrastructure and other needs, which may be as important for growth as private investment. None of this means that the deficit should be ignored. It does mean that it should be put into proper proportion relative to the total of the factors needed to encourage economic growth. |
| Beschreibung: | XXI, 46 S. graph. Darst. |
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| 520 | 3 | |a The central economic debate for the first half of 1993, couched in terms of short-run economic stimulus versus long-run deficit reduction was misleading for U.S. long-run strategy. Our long-run depends on growth, but economic growth does not have the close relationship to deficit reduction that is frequently asserted, and deficit reduction should not become the central objective of economic strategy that it is becoming. It has been asserted that: (1) U.S. productivity is decreasing, but the record of the 1980s does not bear this out; (2) productivity increases depend on increased investment in business plant and equipment, but technological change and associated factors like education are important; and (3) investment in U.S. plant and equipment has been decreasing because of decreased American savings caused by increased deficits, but investment has not been decreasing, although more of it has been financed from abroad. In any case, increased consumption is frequently a better way of increasing investment than is increased saving. The drive to cut the deficit may thus exert a long-run downward pressure on growth and employment. Further, it may also cut back public expenditures for infrastructure and other needs, which may be as important for growth as private investment. None of this means that the deficit should be ignored. It does mean that it should be put into proper proportion relative to the total of the factors needed to encourage economic growth. | |
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Datensatz im Suchindex
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|---|---|
| adam_text | CONTENTS
Preface
Figures â„¢
Tables ix
Summary xl
Acknowledgments XX1
Chapter One
WHATARE THE OBJECTIVES? l
The Long Run and the Short Run •
What Are the Real Objectives? Chapter Two
INCREASING STANDARDS OF LIVING £
Productivity Investment Savings 7
The Broken Chain: Policy Implications Chapter Three
FILLING PUBLIC NEEDS AND PUBLIC COSTS n
Chapter Four
MAINTAINING HIGH EMPLOYMENT AND
LOW INFLATION 7
vi Macroeconomic Strategy for the 1990s
Chapter Five
CONCLUSIONS FOR U.S. ECONOMIC STRATEGY:
NEGATIVE AND POSITIVE 33
Appendix: NATIONAL NEEDS 37
FIGURES
2.1. Two Concepts of U.S. Productivity Change 9
2.2. Business Spending on New Plant and Equipment as
Percentage of GDP 12
2.3. New Plant and Equipment as Percentage of GDP and
Savings as Percentage of National Income 14
4.1. The Misery Index and Its Components 29
vii
TABLES
S.I. Annual Federal Full Funding for Piiblic Needs: The
Advocates View xvi
2.1. Two Concepts of U.S. Productivity Change: Various
Periods 8
2.2. Contributions to Increasing Labor Productivity,
1929 1982 11
3.1. Annual Federal Full Funding for Public Needs: The
Advocates View 20
A.l. Annual Federal Full Funding for Public Needs: The
Advocates View 38
A.2. General Urban Needs 38
A.3. Educational Needs 39
A.4. Training Needs 41
A.5. Infrastructure and Environmental Needs 43
A.6. International Needs 44
A.7. Space Needs 45
ix
|
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| geographic | USA United States Economic policy 1993-2001 USA (DE-588)4078704-7 gnd |
| geographic_facet | USA United States Economic policy 1993-2001 |
| id | DE-604.BV009657582 |
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| indexdate | 2024-07-09T17:38:42Z |
| institution | BVB |
| language | English |
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| physical | XXI, 46 S. graph. Darst. |
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| spelling | Levine, Robert A. 1930- Verfasser (DE-588)128922265 aut Macroeconomic strategy for the 1990s getting the long run right Robert A. Levine ; Peter J. E. Stan Santa Monica, Calif. RAND 1993 XXI, 46 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier The central economic debate for the first half of 1993, couched in terms of short-run economic stimulus versus long-run deficit reduction was misleading for U.S. long-run strategy. Our long-run depends on growth, but economic growth does not have the close relationship to deficit reduction that is frequently asserted, and deficit reduction should not become the central objective of economic strategy that it is becoming. It has been asserted that: (1) U.S. productivity is decreasing, but the record of the 1980s does not bear this out; (2) productivity increases depend on increased investment in business plant and equipment, but technological change and associated factors like education are important; and (3) investment in U.S. plant and equipment has been decreasing because of decreased American savings caused by increased deficits, but investment has not been decreasing, although more of it has been financed from abroad. In any case, increased consumption is frequently a better way of increasing investment than is increased saving. The drive to cut the deficit may thus exert a long-run downward pressure on growth and employment. Further, it may also cut back public expenditures for infrastructure and other needs, which may be as important for growth as private investment. None of this means that the deficit should be ignored. It does mean that it should be put into proper proportion relative to the total of the factors needed to encourage economic growth. BUSINESS & ECONOMICS / Workplace Culture bisacsh Wirtschaft Wirtschaftspolitik Macroeconomics Wirtschaftspolitik (DE-588)4066493-4 gnd rswk-swf USA United States Economic policy 1993-2001 USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Wirtschaftspolitik (DE-588)4066493-4 s DE-604 Stan, Peter J. E. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006385201&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Levine, Robert A. 1930- Stan, Peter J. E. Macroeconomic strategy for the 1990s getting the long run right BUSINESS & ECONOMICS / Workplace Culture bisacsh Wirtschaft Wirtschaftspolitik Macroeconomics Wirtschaftspolitik (DE-588)4066493-4 gnd |
| subject_GND | (DE-588)4066493-4 (DE-588)4078704-7 |
| title | Macroeconomic strategy for the 1990s getting the long run right |
| title_auth | Macroeconomic strategy for the 1990s getting the long run right |
| title_exact_search | Macroeconomic strategy for the 1990s getting the long run right |
| title_full | Macroeconomic strategy for the 1990s getting the long run right Robert A. Levine ; Peter J. E. Stan |
| title_fullStr | Macroeconomic strategy for the 1990s getting the long run right Robert A. Levine ; Peter J. E. Stan |
| title_full_unstemmed | Macroeconomic strategy for the 1990s getting the long run right Robert A. Levine ; Peter J. E. Stan |
| title_short | Macroeconomic strategy for the 1990s |
| title_sort | macroeconomic strategy for the 1990s getting the long run right |
| title_sub | getting the long run right |
| topic | BUSINESS & ECONOMICS / Workplace Culture bisacsh Wirtschaft Wirtschaftspolitik Macroeconomics Wirtschaftspolitik (DE-588)4066493-4 gnd |
| topic_facet | BUSINESS & ECONOMICS / Workplace Culture Wirtschaft Wirtschaftspolitik Macroeconomics USA United States Economic policy 1993-2001 |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006385201&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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