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Forgotten macroeconomics in the manifesto debate

Forgotten macroeconomics in the manifesto debate

Onaran, Özlem ORCID: 0000-0002-6345-9922 (2017) Forgotten macroeconomics in the manifesto debate. [Working Paper]

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Abstract

The assessment of the impact of the policies in the election manifestos in the media is rather static as comments mostly ignore their positive impacts on growth, investment and productivity. This policy brief brings in the forgotten macroeconomic principles into this debate: Policies proposed in the Labour manifesto to provide a decent physical and social infrastructure, patient, long-term finance via the National Investment Bank, stable macroeconomic environment, incentives to remove new plant and machinery from business rate calculations and disincentives for speculation via broadening the financial transaction tax can lead to higher private investment and productivity and help to rebalance the economy. Policies encouraging a healthy growth in wages could reverse the shaky growth model in Britain driven by a massive increase in private household debt, decrease economic fragility, improve household confidence and domestic demand, which can stimulate business investment.

Item Type: Working Paper
Uncontrolled Keywords: Inequality, Investment, Productivity, National Investment Bank
Subjects: H Social Sciences > H Social Sciences (General)
Faculty / Department / Research Group: Faculty of Business
Faculty of Business > Greenwich Political Economy Research Centre (GPERC)
Last Modified: 14 Jun 2017 15:16
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
URI: http://gala.gre.ac.uk/id/eprint/17306

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