scholarly journals Da li je moguca sinteza alternativnih teorijskih koncepcija makroekonomske politike

2003 ◽  
Vol 44 (158) ◽  
pp. 105-125
Author(s):  
Nikola Fabris
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Full Employment ◽  
Macroeconomic Policy ◽  
Theoretical Approaches ◽  
Rapid Economic Growth ◽  
Balanced Budget ◽  
Selection Of

There is little debate about the main goals of macroeconomic policy (full employment, absence of inflation, rapid economic growth, a balanced budget, etc.). However, when answering the question what instruments should be used to accomplish these goals, some differences arise. Different theoretical approaches to identical problems often suggest completely different instruments. Apart from the first dilemma, what school of thought is right, there is another dilemma: is it possible to reach a synthesis of alternative theoretical approaches, such as a consensus which was present in economic policy during 1960'. Two approaches to this problem are offered in this paper. The first assumes that such a synthesis is not possible and, depending on the observed situation, a selection of a specific school is made. The second approach assumes the possibility of such a synthesis based on ten common variables.

Theory of technological mode in the structural analysis of growth of Russian economy

2021 ◽  
pp. 74-108
Author(s):  
O.S. Sukharev ◽  
E.N. Voronchikhina
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Structural Analysis ◽  
National Economy ◽  
Policy Instruments ◽  
Macroeconomic Policy ◽  
Technological Changes ◽  
Russian Economy ◽  
Technological Mode ◽  
Selection Of

The article gives a detailed commentary on the theory of technological structures developed in line with the modern Russian economic school (first of all — by academician S. Yu. Glaziev and his associates), and an attempt is made to develop it in a number of methodological, theoretical-content and methodical aspects. In this target context, the authors, starting from the existing taxonomy of technological orders, firstly, touch upon not only the issue of identifying (measuring) structures, but also the problem of assessing the contribution of the latter to economic growth. Secondly, they propose an approach to solving the problem of assessing the influence of macroeconomic policy instruments on each of the structures identified by science, which has not yet been solved by domestic and foreign scientists. This means instrumentalizing the theory of technological structures and expanding the scope of its application. We are talking about the use of the considered theory not only in the structural analysis of economic growth and technological changes in the national economy, but also in the development of a strategy for the development of the national economy, in the selection of economic policy instruments. At the same time, it is proposed to put such selection on a solid basis for the application of precise methods. Several dozen regressions have been analyzed for the basic tools of macro-policy — with the rejection of factors and the choice of equations for the best statistics.

INVESTMENTS IN TECHNOLOGICAL LAYOUT. STIMULATION TOOLS

2021 ◽  
pp. 35-63
Author(s):  
Oleg S. Sukharev ◽  
◽  
Ekaterina N. Voronchikhina ◽  
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Policy Instruments ◽  
Macroeconomic Policy ◽  
Economic Thought ◽  
Technological Paradigm ◽  
Exact Answer ◽  
Taxonomic Methods ◽  
The Impact ◽  
Technological Paradigms

An issue of the economic growth launching in Russia and carrying out technological renewal of the economy seems to be the central task at the current stage of the country’s economic development. However, the overwhelming majority of theories of economic growth, as well as the classical theory of economic policy, do not give an exact answer as to the technological renewal in the economy and its role when changing the structure of technologies and investments in them. The present study fills that apparent gap, and on the basis of the theory of technological paradigms created by the Russian school of economic thought. The purpose of the study is to structurally analyze the dynamics of investments in fixed assets in the technological structures of the Russian economy with an assessment of the impact on it of certain instruments of macroeconomic policy. On the basis of taxonomic methods of identifying paradigms by types of economic activity, the authors propose a solution to the problem of measuring structures and the investments made in them. The stages in the methodology for the struc- tural analysis and assessment of the economic policy instruments impact- ing through the regression econometric analysis on the target investment function of each of the identified paradigms are formed. The study resulted in obtaining a picture of the distribution of the impact of macroeconomic policy instruments separately for each technological paradigm, according to the selection made. That allows, firstly, to understand the dispersed power of the influence of the economic policy being implemented, and secondly, to see the possibilities of correcting the ongoing structural and investment policy and the use of macroeconomic instruments, as well as institutional changes – individual for each element of the structure – technological paradigm. The prospect of the study is the development of various models based on the selected structure of technological paradigms and investments in them, linking the development of structures and detailing the impact of each of the economic policy instruments.

Foreign aid, workers’ remittances and economic growth in Jordan

2019 ◽  
Vol 46 (4) ◽  
pp. 532-548 ◽  
Author(s):  
Jamal G. Husein
Keyword(s):  
Economic Growth ◽  
Time Series ◽  
Economic Policy ◽  
Human Capital ◽  
Foreign Aid ◽  
Empirical Evidence ◽  
World Bank ◽  
Macroeconomic Policy ◽  
Content Type ◽  
Long Run

Purpose The purpose of this paper is to investigate the long-run impact of foreign aid and workers’ remittances on Jordanian economic growth using time series data for the period 1970–2014. Following the most recent literature, the author also assess whether economic policy enhances economic growth and whether aid effectiveness is conditional on levels of economic policy. Design/methodology/approach The author employs unit root tests that allow for endogenously determined structural breaks (Perron, 1997) and properly utilize the autoregressive distributed lag (ARDL) or bounds testing approach to cointegration by applying both the F- and the t-test statistics (Pesaran et al., 2001). The analysis is applied to 12 different models that incorporates the various types and sources of foreign aid. Findings Empirical results suggest that aid and its various components, and workers’ remittances have had a positive and significant long-run impact on economic growth. Empirical results also show: no evidence supporting the hypothesis that aid is only or more effective in spurring economic growth during periods of “good” macroeconomic policy, i.e., when Jordan has undertaken World Bank Structural Adjustment Programs (SAPs); no robust evidence supporting the World Bank’s claim that SAPs are growth enhancing. Moreover, the author found strong empirical evidence suggesting that exports and human capital are also major determinants of long-run growth in Jordan. Research limitations/implications Although Jordan and the region at large have experienced periods of major political instability that may have had a varying impact on the economy, lack of a reliable and lengthy time series measure that accounts for political instability is not available to include in the study. Practical implications Using cointegration analysis, our empirical evidence reveals that foreign aid, labor remittances, exports and human capital have had a robust positive long-run impact on economic growth. Hence, the Jordanian government should promote policies that encourage donor countries and agencies to further extend aid to Jordan. Moreover, policies that promote exports and facilitate labor mobility to neighboring countries should also be encouraged and promoted. Originality/value Despite receiving a significant amount of foreign aid and labor remittances in the last 50 years, the author found no time series study that tested the long-run impact of these external financing sources on growth in Jordan. This study fills that gap and extends the analysis to test whether macroeconomic policy is growth enhancing and whether aid (and several of its components) are only effective or more effective in promoting growth during periods of “good” macroeconomic policy, i.e., when Jordan has undertaken a World Bank SAP.

scholarly journals The Concept of Macro-Economic Policy Based on the Compromise between Inflation and Growth

2021 ◽  
Vol 18 (4) ◽  
pp. 485-496
Author(s):  
V.I. Maevsky ◽  
◽  
A.A. Rubinstein ◽  
◽  
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Economic Policy ◽  
Open Economy ◽  
Phillips Curve ◽  
Small Open Economy ◽  
Price Volatility ◽  
Econometric Methods ◽  
Theoretical Approaches

The article describes a concept of a long-term macro-economic policy based on a compromise between economic growth and inflation that accompanies this growth. This concept differs from the existing theoretical approaches supported by monetary authorities in that it does not rely on the notion of Russia as a small open economy and it does not focus on price volatility as the number one problem in the long-term perspective. The theoretical framework usually used to address the relationship between economic growth and inflation is the Phillips curve and its modifications. In our study, this problem is connected to the phenomenon of non-neutrality of money in the long term. The analysis uses the simulation model of the shifting mode of reproduction (SMR model) and econometric methods. It is shown that a compromise between economic growth and inflation can be achieved if the long-term monetary policy results in the approximately equal rates of real GDP and inflation. Such monetary policy is possible to realize provided that some important macro-economic conditions are fulfilled, for example, the rouble undervaluation coefficient is reduced, the debt-to-gross-domestic- product ratio is increased, the ratio of international (foreign exchange) reserves to GDP is decreased, and the transition to a fiscal deficit policy is implemented. In other words, a systemic approach is required. This is not an easy way but it will ensure a growth in GDP rates and lower inflation.

scholarly journals MACROECONOMIC POLICY, GROWTH AND INCOME DISTRIBUTION IN THE BRAZILIAN ECONOMY IN THE 2000s

2013 ◽  
Vol 71 (282) ◽  
Author(s):  
Franklin Serrano ◽  
Ricardo Summa
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Income Distribution ◽  
Poverty Reduction ◽  
Macroeconomic Policy ◽  
World Crisis ◽  
The World ◽  
External Conditions

<p>The purpose of this paper is to show that the interaction between large changes in the external conditions facing the Brazilian economy since 2003 and smaller changes in the orientation of domestic economic policy after 2005 explain the improved control of inflation, the recovery of more satisfactory rates of economic growth and the stronger improvement in income distribution and poverty reduction in the second half of the decade. The change in the orientation of economic policy also explains the relatively moderate contraction and strong recovery of the economy after the world crisis hit Brazil in late 2008.</p>

Intermediate Targets and Macroeconomic Policy

1982 ◽  
Vol 99 ◽  
pp. 61-67 ◽  
Keyword(s):  
Economic Growth ◽  
Government Policy ◽  
Full Employment ◽  
Macroeconomic Policy ◽  
Balance Of Payments ◽  
Fine Tuning ◽  
Tax Rates ◽  
The Uk ◽  
The Relationship ◽  
Intermediate Targets

Throughout the 1950s and 60s the framework within which macroeconomic policy was conducted in the UK appeared to be relatively uncontentious. Government policy was designed to achieve certain economic objectives, which typically included full employment, stable prices, economic growth and balance of payments equilibrium, by appropriately setting various instruments of policy, such as tax rates and the exchange rate. The relationship between particular instruments and objectives was often disputed, and the advisability of ‘fine tuning’ was questioned, but the basic ‘instruments to objectives’ approach to policy was generally accepted.

In Search of Employment Creation via Environmental Valorisation: Exploring a Possible Eco-Keynesian Future for Europe

1997 ◽  
Vol 29 (9) ◽  
pp. 1647-1661 ◽  
Author(s):  
R Hudson ◽  
P Weaver
Keyword(s):  
Economic Growth ◽  
Environmental Impacts ◽  
Full Employment ◽  
Job Creation ◽  
Living Standards ◽  
Rapid Economic Growth ◽  
Alternative Approach ◽  
Development Trajectory ◽  
Capitalist World ◽  
Unemployment Problem

By the mid-1970s it had become clear over much of the advanced capitalist world that rapid economic growth, profitable production, rising material living standards, and full employment had ceased to be simultaneously attainable objectives. Moreover, it was also clear that the mass economy had grave environmental impacts. We begin this paper by briefly considering this transition before going on to examine the nature of the contemporary unemployment problem and to evaluate current approaches to job creation. We go on to explore an alternative approach based upon a transition to a different development trajectory, to a more sustainable regime of accumulation and enabling a eco-Keynesian mode of regulation, that simultaneously addresses issues of job creation and environmental valorisation. The appropriate territorial basis of regulation within Europe is then discussed. Last, some conclusions are drawn and the sustainability of the alternative approach is discussed.

scholarly journals THE ECONOMIC POLICY OF TURKEY’S JUSTICE & DEVELOPMENT PARTY – QUITE ‘UN-ISLAMIC’ IN SOME ASPECTS

2020 ◽  
pp. 90-104
Author(s):  
Natalia Ulchenko ◽  
◽  
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Foreign Capital ◽  
The Other ◽  
Other Hand ◽  
Rapid Economic Growth ◽  
External Sources ◽  
The One

The Article reviews the economic policy of Turkey’s ruling Justice & Development Party. We’ll see, that, contrary to the Islamic tenets, which it is bound to espouse, the Party has been making the country ever more dependent on the external sources of finance. On the one hand, the inflow of the foreign capital has fostered the rapid economic growth. But on the other hand, Turkey already is and obviously, will continue to be hostage to increased dependence on the inflow/outflow of funds from the outside.

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