Industrial change and public policy
To examine recent changes affecting the US economy and the likely success of a government-managed industrial policy, the Federal Reserve Bank of Kansas City sponsored a symposium at Jackson Hole, WY on August 24-26, 1983 to discuss Industrial change and Public Policy. This article summarizes the presentations and discussions. The predominant view of symposium participants was that America is not deindustrializing. Neither are its economic problems due primarily to sweeping structural change in the economy. Rather, most of its problems are the results of sharp cyclical fluctuations that could have structural implications over time. More-appropriate and better coordinated monetary and fiscal policies, it was felt, offer a solution to the inadequate US economic performance. Additionally, a range of improved policy options were suggested at the sector and firm level. Symposium participants generally shared a common viewpoint - that the recent inadequate US economic performance has not been caused by structural or industrial change. Rather, it has been a combination of inappropriate macroeconomic policies, a prolonged cyclical downturn, and exogenous shocks. Therefore, changing policies at both the macro and sub-macro levels to mitigate their undesirable effects was believed to be a more promising alternative than identifying and implementing an entirely new industrial policy.
- Research Organization:
- Federal Reserve Bank, Kansas City, MO
- OSTI ID:
- 5053218
- Journal Information:
- Econ. Rev.; (United States), Vol. 69:2
- Country of Publication:
- United States
- Language:
- English
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