Growth and the Canadian Economy

Growth and the Canadian Economy

Copyright Date: 1968
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  • Book Info
    Growth and the Canadian Economy
    Book Description:

    Reviewing several theories of economic growth, the contributors discuss a wide range of policy suggestions. The liveliness of their thought disproves the old maxim that economics is the "dismal science."

    eISBN: 978-0-7735-9518-7
    Subjects: Business

Table of Contents

  1. Front Matter
    (pp. iii-vi)
  2. Table of Contents
    (pp. vii-viii)
  3. Introduction
    (pp. ix-x)
    T. N. BREWIS

    In the fall of 1964 a series of lectures was offered at Carleton University on a hotly debated issue – the growth of the Canadian economy. With two exceptions the lectures were given by members of the Department of Economics of Carleton University. Professor R. E. Caves of Harvard University examined policies related to growth and Professor B. A. McFarlane of Carleton University presented the views of a sociologist. with particular reference to education and training. Demand for copies exhausted the first issue and a decision was made to republish the series. This book is the outcome.

    In editing the new...

  4. 1: Economic Growth: Concepts and Objectives
    (pp. 1-18)
    T. N. BREWIS

    It is fashionable nowadays to talk about “Economic Growth,” and there is reason to suppose that the subject will continue to enjoy a certain vogue before it is superseded by other issues.

    The fact that the topic conjures up different facets to different people adds to the discussion, and since the determinants of growth are far from certain, there is room for much divergence of opinion on the policies to be pursued to achieve whatever objective we have in mind. The recent establishment of a large department of government concerned primarily with the task of hastening the growth process suggested...

  5. 2: Theories of Economic Growth: An Introduction
    (pp. 19-33)
    T. K. RYMES

    In this lecture, 1 shall assess a few of what I consider to be important theoretical abstractions of growing advanced economies. Tested theory of economic growth is not yet at a stage where a new set of growth policy instruments may be proposed. I am convinced, however, that deeper theoretical insight into the problems of growing economies is necessary if growth policy is to be anything more than at worst a collection of platitudes expressed in terms of percentages and at best a backhanded way of promoting full employment.

    I shall begin my lecture with a brief review of some...

  6. 3: Some Views on the Pattern of Canadian Economic Development
    (pp. 34-64)

    Economic development is a new discipline which has not yet defined clearly its ambition and which intends to explore something much broader than economic growth but less inclusive than social change. It has proved fascinating because of the framework it provides for applied economics but also terribly complex because of its hybrid character. At the crossroads of economics and history,¹ economic development has been trying to formulate what Aitken would call “a type of economic theory that deals with long-run, discontinuous, irreversible change over time.” Progress has been very limited, essentially because of the fact that the economists are still...

  7. 4: Labour, Capital and Growth: The Canadian Experience
    (pp. 65-75)

    This study is an attempt to evaluate the importance of the various sources of growth in Canada. These include the conventional inputs of the productive system, namely labour and reproducible capital, but in addition the changes in the quality of these inputs. A third aspect of economic change, perhaps less familiar but of overriding importance as we shall sec, is the changing industrial structure, and the role this has played in economic growth in this country will be assessed.

    In order to engage in such an analysis, two basic requirements must be met. First a representation of economic activity must...

  8. 5: Education and Manpower: Some Sociological Aspects of Growth
    (pp. 76-89)

    One of the truisms of our times is that all of the nations of the world are undergoing a period wherein rapid social change is the norm. In some instances, in the so-called underdeveloped countries for example, the effects of the process of change are highly visible and appear to be more dramatic than they are in the industrial countries of the West. Nevertheless, one only has to mention the term “automation” and immediately people in industrial countries are conscious of the fact that change is going on about them in an equally dramatic way, although its effects tend to...

  9. 6: The Problem of Regional Disparities
    (pp. 90-111)
    T. N. BREWIS

    In Canada, as elsewhere. economic growth follows an irregular pattern over time. Growth has been much more rapid in some decades than others and shorter-run periods have been dominated by the fluctuations of the business cycle. Not only has the pace of development varied over time, but it has been unevenly distributed over the country as a whole, with the result that income and employment oportunities differ markedly from one part of the country to another. In certain cases, as in the recent development of oil and gas resources, the expansion of a particular area has been at the direct...

  10. 7: Industrial Organization and Technical Progress
    (pp. 112-137)

    In the Ely lecture of December 1964, in Boston, Professor James Tobin commented on economic growth as follows: “Let it be neither a new synonym for good things in general nor a fashionable way to describe other economic objectives. Let growth be something it is possible to oppose as well as to favor, depending on judgments of social priorities and opportunities.”¹ Tobin was calling for a more “definite and distinctive” meaning for the term. He then proceeded, in the rest of the lecture, to use the term to refer to society’s choice between “current needs and pleasures and those of...

  11. 8: Policies for Economic Growth in Canada
    (pp. 138-158)

    Lectures on economic growth seldom fail to remind me of the advocacy of salvation by the Christian ministry. In both cases, the speaker can safely assume that the audience accepts the merits of the end result. People may be quite uncertain of the exact pleasures to be drawn from both the afterlife and secular economic expansion, but in any case nobody wants damnation and nobody wants shrinkage. When it comes to naming the policies necessary to secure either growth or salvation, the advocate faces a momentary problem of seeming to confront bis listeners with tough decisions about abstinence and reform....

  12. Epilogue
    (pp. 159-164)

    In the two years following the delivery of these lectures, output has risen rapidly. G.N.P. was over 20 per cent greater in the second quarter of 1966 than it was in the second quarter of 1964, averaging a per capita increase of 4.5 per cent a year in real terms. The business cycle expansion beginning in 1961 and still continuing in the spring of 1967 has confounded some of the business cycle prophets who bad anticipated an earlier reversal of short-term trends.

    As was to be expected, the return to an unemployment rate of 3.4 per cent by early 1965...

  13. NOTES
    (pp. 165-174)
    (pp. 175-175)
    (pp. 176-178)
  16. Back Matter
    (pp. 179-180)