Trade, growth and the role of demand - neoclassical and Keynesian explanations of Ireland's post war growth experience
Item Type:Journal article
Citation:McHugh, Deirdre. 'Trade, growth and the role of demand - neoclassical and Keynesian explanations of Ireland's post war growth experience: Barrington lecture 1984'. - Dublin: Journal of the Statistical and Social Inquiry Society of Ireland,Vol. XXV No. 2b, 1984/1985, pp221-238
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This paper examines the nature of the trade growth relationship in post war Ireland. We consider two major theoretical approaches, the Neoclassical and the Keynesian, attempting to identify and contrast the key features of each model. The two models differ noticeably in the importance which they accord to demand constraints and, by corollary, in the extent to which they subscribe to the small open economy (SOE) model of the Irish economy. The structure of the paper is as follows: Section 1 sets the scene for subsequent analysis. It describes the reorientation of trade policy which took place in the 1950s and shows how this shift in policy stance coincided with a significant improvement in economic performance. In Section 2, we introduce the Neoclassical and Keynesian models of growth and consider the different ways in which they incorporate the role of trade in the growth process. Sections 3 and 4 focus more directly on the issues raised in the opening paragraph. It is suggested that the policy strategies implied by the two models may not differ substantially, although the policy instruments undoubtedly will.
Description:Read before the Society, 23 May, 1985. In 1984, the Council of the Statistical and Social Inquiry Society of Ireland established a competition to select the author of an Annual Barrington Lecture, to replace the former system of appointment of Barrington Lecturers who delivered lectures in the four provinces throughout the year. The first prize winning lecture is presented here.
Author: McHugh, Deirdre
Other Titles:Barrington lecture 1984
Publisher:Statistical and Social Inquiry Society of Ireland
Type of material:Journal article
Series/Report no:Journal of The Statistical and Social Inquiry Society of Ireland
Vol. XXV No. 2b 1984/1985
Availability:Full text available