A Polemic Interlude
THE discussions to this point have provided an alert to potential problems in unmanaged growth and a call for a number of constructive policies geared to the intelligent management of a growth economy and the renovation of its distributive mechanisms. However, before one can confront these complex matters in any practical way, it is first necessary to establish growth of some sort, even growth on the old unsatisfactory pattern. In this context, it is disquieting to think that policy mismanagement to date has actually raised doubts as to whether any sort of rudimentary growth can be sustained. With each quarter that slips away, the eventual restoration of growth seems to become that much more problematical. If this is so, the first order of business is to review recent experience to try and discover what went wrong with the economy and the nature of the mismanagement risk.
NATURE OF POLICY
Most academic economists (the author included, until recently) conceived of the economy as a controllable system: one that can be stabilized at a high level of employment with satisfactory price levels and international performance, and with sustainable and controllable growth. This