000			02747cam a2200361 i 4500
001			rnd000000000111987
003			RAND
008			930927s1993 caua b 000 0 eng d
010			_a93006415
020			_a0833014498
027			_aRAND/MR-325-RC
035			_a(Sirsi) a346139
037			_c$15.00
040			_aCstmoR _cCstmoR
050	0	0	_aHC106.82 _b.L49 1993
100	1		_aLevine, Robert A. _eauthor.
245	1	0	_aMacroeconomic strategy for the 1990s : _bgetting the long run right / _cRobert A. Levine, Peter J.E. Stan.
264		1	_aSanta Monica, CA : _bRAND, _c1993.
300			_axxi, 46 pages : _billustrations ; _c23 cm
336			_atext _btxt _2rdacontent
337			_acomputer _bc _2rdamedia
337			_aunmediated _bn _2rdamedia
338			_aonline resource _bcr _2rdacarrier
338			_avolume _bnc _2rdacarrier
504			_aIncludes bibliographical references.
520			_aThe 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.
530			_aAlso available on the internet via WWW in PDF format.
588			_aDescription based on print version record.
650		0	_aMacroeconomics.
651		0	_aUnited States _xEconomic policy _y1993-2001.
700	1		_aStan, Peter J. E., _d1955- _eauthor.
710	2		_aRand Corporation.
856	4	1	_yOnline Access _uhttp://www.rand.org/pubs/monograph_reports/2006/MR325.pdf
999			_c598762 _d598762