Trade, growth and the role of demand - neoclassical and Keynesian explanations of Ireland's post war growth experience
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, pp221-238Download Item:
jssisiVolXXV221_238.pdf (PDF) 1013.Kb
Abstract:
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 1984Publisher:
Statistical and Social Inquiry Society of IrelandType of material:
Journal articleCollections:
Series/Report no:
Journal of The Statistical and Social Inquiry Society of IrelandVol. XXV No. 2b 1984/1985
Availability:
Full text availableKeywords:
Irish economic growth, Macroeconomic models, Irish economyISSN:
00814776Licences: