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ECONOMIC POLICY IN A NEW ENVIRONMENT: FIVE PRINCIPLES

Source: www.ced.org
Topic: Economic Policy

Sort Desciption: Economic Policy in a New. Environment: Five Principles grows out of this tradition and draws on CEDs long. history of developing economic policies that ...

Content Inside: ECONOMIC POLICY IN A NEW ENVIRONMENT: FIVE PRINCIPLES Research and Policy Committee Committee for Economic Development The September 11 terrorist attacks on our nation pro- duced horrendous loss of life and extraordinary grief and pain. Provision for the safety and security of our people and nation has now become paramountand this has created a new policy environment in the United States and across the world. However we must not let these security concerns eclipse the need for sound economic policies both domestic and international. In the long term the health of our economy will largely determine the well being of our society including our capacity to provide safety and security. In 1942as the country mobilized for World War II at another time of national crisisthe Committee for Economic Development (CED) was formed to strengthen the relationship between business and gov- ernment in the war effort and to develop principles for postwar recov- ery. 1 In this same spiritwe offer the principles outlined below as a broad framework for economic policy. FIVE BROAD PRINCIPLES FOR POLICY 1. Develop Short-Term Policies Within A Sound Long- Term Framework. We are now entering a period of great economic uncertainty that may require significant short-term fiscal stimulus.We still face long-term economic problemshoweverwhich are different in nature and which require very different solutions.We must imple- ment short-term policies without compromising the nations long-term economic strength.Otherwiseboth short and long-term objectives may be underminedas discussed below. 2. Define Priorities Sharply. Larger national security require- ments will constrain the economic and fiscal resources available for other purposes.We must resist the facile notion that budget con- straints are no longer operative and anything goesbecause we are in a new policy environment.Quite the opposite is true;reconciling large 2 1. Karl Schriftgiesser Business and Public Policy (Englewo ...

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