Jump to ContentJump to Main Navigation
Stability with GrowthMacroeconomics, Liberalization and Development$
Users without a subscription are not able to see the full content.

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

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. 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 October 2020



(p.11) 2 Objectives
Stability with Growth

Joseph E. Stiglitz (Contributor Webpage)

José Antonio Ocampo (Contributor Webpage)

Shari Spiegel

Ricardo Ffrench-Davis (Contributor Webpage)

Deepak Nayyar

Oxford University Press

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

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .