Suchergebnisse

BEGINNING WITH 1952, THE REPUBLICAN PARTY HAS WON SEVEN OF 10 PRESIDENTIAL ELECTIONS. IN THIS ESSAY, THE AUTHORS CHALLENGE THE ACCEPTED VIEW THAT ATTRIBUTES THIS REPUBLICAN SUCCESS "TO A COMBINATION OF PERSONALITY FACTORS, SUPERIOR CAMPAIGN STRATEGY, AD HOC POLITICAL EVENTS, AND PLAIN GOOD FORTUNE." INSTEAD, THEY ATTRIBUTE THE REPUBLICAN VICTORIES AND DEMOCRATIC DEFEATS TO THEIR DIFFERING MACROECONOMIC POLICIES. THEY CONTEND THAT THE DEMOCRATIC POLICIES ARE BASED ON REDUCING UNEMPLOYMENT AND THE REPUBLICAN ON CONTROLLING INFLATION. THEY ALSO ARGUE THAT THE DEMOCRATIC POLICIES ON UNEMPLOYMENT GOALS ARE SHORT-LIVED AND ARE FOLLOWED BY INCREASED INFLATION.

Cyclical fluctuations in employment are a major concern of policy makers. When an industry's output changes, the level of employment also changes - but usually only with a time lag. Sensible policy and economic planning by the government requires knowledge o f the magnitude of the response in employment which will follow the output change and the speed with which it will take place. The extent of response and the speed of adjustment differs quite considerably from industry to industry. For total maufacturing only 25 per cent of the eventual adjustment is made in the first quarter, a further 25 per cent of the balance in the next quarter and so on. Taken industry by industry, speeds of adjustment are faster in Ireland than in the United Kingdom probably as the result of higher unemployment rates in Ireland.