Abstract
In an endeavour to formalise also applied economics the economists of the post-war decades have represented policy as a confrontation of objectives and instruments.1 Typical objectives were full employment, growth, price stability, equilibrium of the foreign balance. The most frequently discussed instruments were fiscal policy, taxation, monetary policy, exchange rates, incomes policy. There are also forbidden instruments, black magic (import or exchange control.) The number of instruments, we were told, has to equal the number of objectives.
Paper read at the Conference on Theories of Accumulation and the Control of the Economy at Villa Manin, Udine, August 1982. First published in Banca Nazionale del Lavoro, Quarterly Review, no. 146, September 1983.
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Notes
J. Tinbergen, On the Theory of Economic Policy (Amsterdam, 1952); N. Kaldor, ‘Conflicts in National Economic Objectives’, Economic Journal, March 1971.
Lord Balogh, Facts and Fancy in International Economic Relations (Oxford: Pergamon Press, 1973).
See F. Hahn, Money and Inflation (Oxford, 1982). Rational expectations have been invented to show how the transition from today’s to tomorrow’s equilibrium will work.
See O. Lange, On the Economic Theory of Socialism (Minneapolis, University of Minnesota, 1938).
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© 1990 Josef Steindl
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Steindl, J. (1990). The Control of the Economy. In: Economic Papers 1941–88. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-20821-0_16
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DOI: https://doi.org/10.1007/978-1-349-20821-0_16
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