The EPAC ‘Growth Papers’: An Assessment

Tony Aspromourgos and Graham White

The Economic Record, 1990, vol. 66, issue 1, 12-22

Abstract: During 1986 the Economic Planning Advisory Council published a series of six papers examining the role of economic policy in fostering long‐term growth. This article provides a review and critical assessment of the EPAC analysis. The fundamental issue at stake is whether long‐term growth is a supply‐driven or a demand‐driven process. In particular, the crucial issue neglected by EPAC is the relationship between aggregate demand, the inducement to invest and the growth of productive capacity. The conclusion is that in order to promote sustained growth, policy must provide the structural and macroeconomic requirements for a sustainable growth of aggregate demand.

Date: 1990
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https://doi.org/10.1111/j.1475-4932.1990.tb02081.x

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