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Stability with GrowthMacroeconomics, Liberalization and Development$
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Joseph Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

Print publication date: 2006

Print ISBN-13: 9780199288144

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0199288143.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 20 November 2019

Objectives

Objectives

Chapter:
(p.11) 2 Objectives
Source:
Stability with Growth
Author(s):

Joseph E. Stiglitz (Contributor Webpage)

José Antonio Ocampo (Contributor Webpage)

Shari Spiegel

Ricardo Ffrench-Davis (Contributor Webpage)

Deepak Nayyar

Publisher:
Oxford University Press
DOI:10.1093/0199288143.003.0002

This chapter begins with the idea that at the most general level, the goal of economic policy is to maximize long-term societal well-being in an equitable and sustainable manner. It addresses in detail the meaning and relevance of the goals of economic policy that are often put forward — from enhancing economic security and reducing unemployment, to reducing inflation, enhancing growth, and maintaining external balance. It also examines the link between stability and growth, and between short-term growth and sustainable growth. More specifically, the chapter critiques the narrow focus of the Washington consensus on price stability and emphasizes that economists should, instead, focus on long-term sustainable growth. The chapter concludes by highlighting the broader social consequences that choosing alternative economic policies may have and by emphasizing that all economic policies have trade-offs.

Keywords:   economic security, unemployment, inflation, external balance, economic trade-offs, equity, sustainability

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