Macroeconomic Policy as Implicit Industrial Policy: Its Industry and Enterprise Effects

Whether they should or not, few economists do in fact refrain from making pronouncements on public policy, although the state of the economy (both here and elsewhere) suggests that either the advice given is bad or, if good, that it is ignored . . . I happen to think that we are appallingly ignorant about many aspects of the working of the economic system -- the economics of the firm and industry....