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Proposal for a Governed Economy

  • Tim Hazledine

Abstract

This is the third of three chapters concerned with building a foundation of principles on which successful economic policies can be built. In chapter 10, it was argued that policies should be ‘appropriate’— that is, the policy-making institution, its goals, and its policy instruments must all be on the same ‘level’ in the economy. This implies that national governments should confine themselves to high-level instruments and goals. Examples of the latter are easy enough to identify. Appropriate and important goals are: full employment, price stability, and the productive use of all the economy’s resources. These are the ‘big numbers’ that we all wish to add-up better.

Keywords

Fiscal Policy Policy Instrument Limited Liability Full Employment Balance Budget 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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References

  1. 2.
    See the possibly devastating attack on Milton Friedman’s doctrines by David Hendry and Neil Ericsson, ‘Assertion without Empirical Basis …’, Bank of England (1984).Google Scholar

Copyright information

© Tim Hazledine 1984

Authors and Affiliations

  • Tim Hazledine

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