Forgotten macroeconomics in the manifesto debate

Ozlem Onaran

No 17306, Greenwich Papers in Political Economy from University of Greenwich, Greenwich Political Economy Research Centre

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.

Keywords: Inequality; Investment; Productivity; National Investment Bank (search for similar items in EconPapers)
JEL-codes: E12 E22 E25 (search for similar items in EconPapers)
Date: 2017-05-18
New Economics Papers: this item is included in nep-mac and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:gpe:wpaper:17306

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