The Nature and Problems of Cycle Policy
We should give some consideration to the nature and problems of cycle policy in the light of econometric models.1 As the matter stands now, we cannot place enough confidence in any one model as a representation of complex reality to base a positive, quantitative policy on it. Yet it is stimulating and useful to consider how we would go about such problems if, as ultimately we must hope will be the case, our model were adequate to the task.
KeywordsFiscal Policy Demand Curve Full Employment Economic Dynamics Marginal Propensity
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- 4.I. A. Getting, `Servo Systems’, in H. M. James, N. B. Nichols and R. S. Phillips (eds.), Theory of Servomechanisms, M.I.T. Radiation Laboratory Series, p. 3. Courtesy of McGraw-Hill Book Co., New York, 1947.Google Scholar