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Richard J Sweeney - Judging Economic Policy: Selected Writings Of Gottfried Haberler

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In this engaging volume, the editors present the influential work of economist Gottfried Haberler, whom Paul Samuelson judges qualified for about two-and-a-half Nobel prizes in economics. Throughout the book, Haberlers essays reveal the clarity of his analyses and his ability to identify crucial policy choices, whether grappling with issues of inflation, unemployment, trade, or development. Presenting Haberler as the eclectic economist he is, the editors show that far from being an ideologue, Haberler is an economist who uses whatever approaches and theories are appropriate for the problems he considers. Paul Samuelson judges that Gottfried Haberlers work should qualify him for about two-and-a-half Nobel Prizes in economicsone for his quantum improvement in trade theory beyond Ricardos paradigm of labors comparative advantage, one for his definitive synthesis of business cycle theory, and beyond these his policy wisdom over a period of six decades. It is Haberlers policy wisdom that serves as the basis for this comprehensive collection of the eminent economists work.Throughout the book, Haberlers contributions demonstrate the clarity of his analyses for exploring the complex economics of policy issues and for identifying key governmental responses to problems of unemployment, trade, and development. Presenting Haberler as the eclectic economist he is, the editors show that far from being an ideologue, Haberler is an economist who uses whatever approaches and theories are appropriate for the problems he considers. The portrait that emerges is one of a multifaceted thinker, able to choose freely among competing theories and to effectively apply them to complex and demanding policy issues.

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Judging Economic Policy The Political Economy of Global Interdependence Thomas - photo 1
Judging Economic Policy
The Political Economy of Global Interdependence
Thomas D. Willett, Series Editor
Judging Economic Policy: Selected Writings of Gottfried Haberle,; edited by Richard J. Sweeney, Edward Tower, and Thomas D. Willett
Political Capacity and Economic Behavior; edited by Marina Arbetman and Jacek Kugler
Growth, Debt, and Politics: Economic Adjustment and the Political Performance of Developing Countries, Lewis W. Snider
Establishing Monetary Stability in Emerging Market Economies, edited by Thomas D. Willett, Richard C.K. Burdekin, Richard J. Sweeney, and Clas Wihlborg
Closure in International Politics: The Impact of Strategy, Blocs, and Empire, John A. Kroll
Toward a North American Community? Canada, the United States, and Mexico, edited by Donald Barry, with Mark O. Dickerson and James D. Gaisford
Seeking Common Ground: Canada-U.S. Trade Dispute Settlement Policies in the Nineties, Andrew D.M. Anderson
The Political Economy of European Monetary Unification, edited by Barry Eichengreen and Jeffry Frieden
FORTHCOMING
Capital Controls in Emerging Economies, edited by Christine Ries and Richard J. Sweeney
Playing by the Rules: The Mitterrarid Government and the International Economy, Elizabeth Doherty
Exchange-Rate Policies for Emerging Market Economies, Richard J. Sweeney, Clas Wihlborg, and Thomas D. Willett
First published 1997 by Westview Press
Published in 2021 by Routledge
605 Third Avenue, New York, NY 10017
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
Routledge is an imprint of the Taylor & Francis Group, an informa business
Copyright 1997 Taylor & Francis
All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.
Notice:
Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.
A CIP catalog record for this book is available from the Library of Congress.
ISBN 0-8133-8906-2
ISBN 13: 978-0-3670-1699-9 (hbk)
ISBN 13: 978-0-3671-6686-1 (pbk)
DOI: 10.4324/9780429046858
Contents
Acknowledgments
, Richard J. Sweeney, Edward Tower, and Thomas D. Willett
2 An Overview or Economic Policy: A Positive Program for a Benevolent and Enlightened Dictator
Summary
Introduction
How Much Power to the Dictator?
Problems of an Open Economy
Concluding Remarks
Notes
3 Domestic Macroeconomic Policy
Inflation: Causes and Cures
Fiscal Policy and the Supply Side
Notes
4 International Dimensions of Macroeconomic Policy
International Macro Policy Coordination
Exchange Rates and Inflation
Notes
5 International Monetary Issues
The International Monetary System
Exchange-Rate and Balance of Payments Policy
Notes
6 Trade and Development Policy
Trade Policy
Development Policy
Notes
  1. Acknowledgments
  2. 2 An Overview or Economic Policy: A Positive Program for a Benevolent and Enlightened Dictator
    1. Summary
    2. Introduction
    3. How Much Power to the Dictator?
    4. Problems of an Open Economy
    5. Concluding Remarks
    6. Notes
  3. 3 Domestic Macroeconomic Policy
    1. Inflation: Causes and Cures
    2. Fiscal Policy and the Supply Side
    3. Notes
  4. 4 International Dimensions of Macroeconomic Policy
    1. International Macro Policy Coordination
    2. Exchange Rates and Inflation
    3. Notes
  5. 5 International Monetary Issues
    1. The International Monetary System
    2. Exchange-Rate and Balance of Payments Policy
    3. Notes
  6. 6 Trade and Development Policy
    1. Trade Policy
    2. Development Policy
    3. Notes
  1. vii
Guide
  1. Acknowledgments
The editors are grateful to Oliver Goldstein, who read through the original essays and helped devise a structure for the volume; Barbara Johnston, Haberlers longtime secretary, who helped coordinate the project; Sven Arndt, who helped design the project; Vivian Bourselian, Dorothy Ellis, Michael Lofgreen, Wells Dawson Tower, and Junette Wrathall, who commented on earlier versions; and Dora Fisher and Mary Kaempfer, who prepared the camera ready copy.
Dick Sweeney
Ed Tower
Tom Willett

Introduction
Dick Sweeney, Ed Tower, and Tom Willett
DOI: 10.4324/9780429046858-1
This volume collects edited versions of selected essays of Gottfried Haberler, most of them written after he retired from Harvard shortly after the mandatory age of 70 and joined the American Enterprise Institute, in Washington, D. C., where he continued to work until shortly before his death on May 6, 1995. Tower used to assign these annual volumes to his Duke undergraduates to evaluate; the students would grade and critique the essays in these volumes. Consistently, Haberler was credited with producing the best essays, besting his colleagues who were sometimes 50 years younger. This admiration for Haberlers recent work by students who never knew him but found his arguments compelling indirectly suggested the project to us.
To those who know Haberlers work well it is difficult to disagree with Paul Samuelsons judgment that they:
qualify him for about two-and-a-half Nobel Prizes in Economics-one for bis quantum improvement in trade theory beyond Ricardos paradigm of labors comparative advantage, one for his definitive synthesis of business cycle theory, and beyond these bis policy wisdoms over a period of six decades.
This policy wisdom is the basis for thfa volume. Two collections of Haberlers technical contributions have been published and the February 1982 issue of the Quarterly Journal of Economics contains detailed summaries and perspectives on the body of his technical work.on Haberlers contributions to economic policy analysis, both as recognition and to make bis contributions more easily available for readers interested in international and macroeconomic policy.
We also believe that having these writings pulled together in one place enables the reader to develop more easily an understanding of bow Haberler went about analyzing policy. Haberlers mastery of the policy essay is something that all of us who are interested in economic policy should seek to emulate.
Gottfried Haberler was unquestionably one of the great economists of the twentieth century. Both the quality and breadth of bis contributions are exceptional. His work contributes importantly to our understanding of international trade theory and policy, domestic and international monetary and macro economics, and the international trade aspects of economic development. Clarity of thought and exposition characterize Haberlers work, as well as the ability to distinguish the important insight from the flashy detail. As his brother-in-law, Herbert Furth, has written:
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