Beyond Classical and Keynesian Macroeconomic Policy
By Paul M. Romer
From Policy Options, July-August 1994.
A recent branch of work in economics that goes under the label of "endogenous" or "neoSchumpeterian" growth theory validates some of the concerns about competitiveness, innovation and discovery expressed by people who are not economists. It suggests that both the save-more and the spend-more macroeconomic policy prescriptions miss the crux of the matter. Neither adjustments to monetary and fiscal policy, nor increases in the rate of savings and capital accumulation can by themselves generate persistent increases in standards of living. This work suggests that the most important job for economic policy is to create an institutional environment that supports technological change. This sounds simple enough, but policy-makers must also resist the temptation to impede change when it causes temporary disruption. In a modern industrial democracy, achieving a balance between support for economic progress and tolerance of economic change is not a simple task.
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