The deficit virus

Article Abstract:

Canada is spending more money than it raises through taxation and has become increasingly dependent on foreign borrowing. The government has used tight monetary policies to the exclusion of other solutions to fight inflation, and the Canadian economy currently is on the brink of a recession. However, the fiscal restraint between Apr 1989 and Feb 1990 has shown positive results: barring a recession, a substantial decline in the debt-to-GDP ratio should occur by 1995, and long-term economic performance has improved. Fiscal restraint alleviates monetary pressures by slowing spending, which creates a more favorable investment environment. Although the government faces stiff political opposition against the reductions in transfer payments that it has made to affect spending cuts, it must continue deficit reduction to spur the economy so that it will continue to collect revenue to meet social needs.

Fiscal policy, National debt, Public debts, Budget deficits

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Welcoming change

Article Abstract:

The Economic Council of Canada identifies weak productivity growth as the principal reason why Canadians have experienced relatively sluggish real income growth since the early 1970s. The Council also notes that Canada's increasingly poor productivity growth has begun to significantly undermine the competitiveness of Canadian business. The Council makes several recommendations as to how this trend of declining productivity growth can be reversed. Notably, the Council recommends that Canadians learn to embrace change since resistance to the idea of changing ingrained habits, both among managers and among rank-and-file employees, has been identified as a major factor in Canada's failure to arrest the worrisome slowdown in its productivity growth. The Council also emphasizes the need for various sectors to cooperate to ensure that Canada is able to confront this critical problem.

Economic aspects, International competition (Commerce), International competition (Economics)

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Structural change and adaptation

Article Abstract:

The effect of job turnover on the Canadian economy was investigated by two economists, John Baldwin and Paul Gorecki, who report their findings in their report, 'Structural Change and the Adjustment Process'. Research results reveal that a minimum of 30% of jobs that were extant in 1971 no longer existed by 1981 due to labor cutbacks or plant closures. However, the expansion of new jobs was occurring at a higher rate. The number of employee separations between 1970 and 1979 was equivalent to approximately one-half of the work force, and the rate of separation for the manufacturing sector between 1974 and 1983 was 64%. Research results indicate that the federal and provincial governments should implement labor policies that facilitate rather than hinder job turnover since job turnover is a natural occurrence in the dynamics of production.

Research, Economic history, Employee turnover, Baldwin, John, Gorecki, Paul, Labour turnover

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