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CHAPTF.R T V 59 8 6 2 3 0

In t.he economy essentlal ly represent dl st.urhances whlch, as auch, negat.1vely affect. otbarwlsa rat.ional .(and sat.isfactory)

■ arkfit parforaancRS . Tt woulri thus he polnt.less - 1f not count.erproriuot.1ve - to t.ry to alt.er. the rat.e of unemployment. t.hat t.he Hiarket. has estahllshed as ¹ natura 1* t.hrough macro-pollcies; 1n fant _f their    result. will not be a lower

unemployment. rat.e but., for    example, only a higher Inflat. lon

rat.e. Keynes 1an macro-pol Inles have not. been successful benause t.hey have falleri to correct ly unrierst. anri behav1ours at. t.he m1oro-level anri,    hence, how t.he p r 1 v a t. e sec tor

responris t.o t.he st.imull whlch nowe from t.he. government.

• *

O u r st.anri 1 s t.hat t.rarilt.lonal iacro-pol Idea have act.ua 1 ly falleri t.o cope wlt.h Micro aspect.s In a sat. 1s facto ry way but. In a sense whlch 1s qu1t.e t.he opposlt.e of t.he one just. recalleri above. The exp1anat.1on of t.he fallure of t.rarilt.lonal nacro-pol Inles is not. to be founri In t.he fant    t.hat. t.hey

represent. rilsturbances of rat.ional hehav1ours at    t.he »lcro

level. Tf t.hey have falleri 1t. 1s hecause thny.b«Y*been

u na hle t o _ en a u r e t.hat. t.o the _iacro 1mpu 1 s es en g e nrier eri

frs__« t_ the_ » i ero Jeye 1 • T n

ot.her worris:    t.here 1s no guarant.ee t.hat. pr1vat.e hehav1ours are

ratlonal , 1 n * t. h e rat. her ri1 f farent sense t.hat. t.hey are su oh as t.o always proriuce sodally sat.1sfact.ory outenmes; t.he public sector has t.r1 eri t.o make up for t. h 1 s t.hrough It.s m a o r o -pollcles hut. has not succeerieri In Maki ng it. surę t.hat., at. t.he same 1.1 » e , pr1vat.e behaviours were consist.eut. anri coherent. wlt.h It.s ohject.1 ves anri go ais.

What. we    have alreariy sairi    ahout. t.he neeri t.o creat.e

expect.at.1ons of a st.ahle anri permanent. expans1ve framework I s an example of what. we mean. Tt 1s not. sufflcient. t.o gena rat.e higher levels of aggregat.e riemanri t.o Inriuce firma t.o behave 1 n t. he 'rlght. way', t.hat 1s to say to expanri t.helr napad ty anri employment.    However, t.o say    t.hat.    t.he overall riegree of

uncerta 1 nt.y    has    t.o be lowereri to    have    firma to 1nvest. 1s not.

enough. Tt 1s necessary t.o flnri ariequate ways t.o ach1eve t.hese ohjeot.ivfts anri, most. of all, t.he public sect.or mnst. take measures t.hat. reriuce t.he poss 1 b 1 1 1 1.1 es t.hat. t.he pr1vat.e sect.or (every component. of 11.) responris 1n 'perverse' ways.

Tn ot.her worris, what___j_a____£fiflH.lred_..■ftliJSMi.?.*!?

whj. ch_5.Ii ow___t h e    p jj b iip________sector__to contro 1^_____m o n 1t o r _a______a n ri

i .9 £ i 11 £ 9 £ 9. „ £ i £ _ P i i Y 9 £ 9 ___sec tor^sbehayiourj jnorriertojf orce¹

it to ipii.ow t.he_____riesjreri strategie paths. Th 1 s can be

anh1everi by ariopt.lng expans1ve iacro-pol Inles whlch are assodat.eri t.o mlcro-polldes enahllng t.he sta te t.o act.ually effect. proper Controls over t.he pr1vat.e hehav1ours, In orrier to have t.he pr1vat.e sect.or t.o responri to t.he macro expans1ve st.imull In a consist.ent. way.

What. rioes t.hls mean in morę pract.lcal t.erms? Here we do not pretend to prov1rie full-flerigeri anri well detal 1 eri poił des, reariy to be Implement.eri by governient.fi . Rut. we can out. linę some examples of poi Inles Insplreri to t.he neeri of creatl ng a cllmat.e of st.ahle expans1ve expect.at.1ons anri of hav1ng effident. anri effect. 1ve mechanlsms t.o eon troi market.'s responses.