Cited by 4.7k
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Sprint (United States)
Publishes on Cardiac Imaging and Diagnostics, Dental materials and restorations, Numerical methods in engineering. 176 papers and 13.7k citations.
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There is wide agreement about the major goals of economic policy: high employment, stable prices, and rapid growth. There is less agreement that these goals are mutually compatible or, among those who regard them as incompatible, about the terms at which they can and should be substituted for one another. There is least agreement about the role that various instruments of policy can and should play in achieving the several goals.
During the late 19th and early 20th centuries, the problems of the day were of a kind that led economists to concentrate on the allocation of resources and, to a lesser extent, economic growth, and to pay little attention to short-run fluctuations of a cyclical character. Since the Great Depression of the 1930s, this emphasis has been reversed. Economists now tend to concentrate on cyclical movements, to act and talk as if any improvement, however slight, in control of the cycle justified any sacrifice, however large, in the long-run efficiency, or prospects for growth, of the economic system. Proposals for the control of the cycle thus tend to be developed almost as if there were no other objectives and as if it made no difference within what general framework cyclical fluctuations take place. A consequence of this attitude is that inadequate attention is given to the possibility of satisfying both sets of objectives simultaneously.