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Economic and Other Ideas behind the New Zealand Reforms

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  • Easton, Brian

Abstract

Following the election of a Labour government in 1984, the New Zealand economy went through probably the most extensive market liberalization of any OECD country. It was in three broad phases: the increased use of the market mechanism to regulate business; reforms of the state sector; and reform of the welfare and related (including labor market) systems. The reforms were consciously based on theories which have become prominent in recent years, including neoclassical economic theory and public-choice theory. As well as describing those which were used, and their practical application, the article assesses the associated implementation strategy. Evaluation is difficult, not least because poor macroeconomic performance, probably due to faulty economic management, has swamped any benefits from the microeconomic changes. It would also seem that the commitment that the implementation required meant there was only limited means of recognizing and correcting faulty policy proposals. Copyright 1994 by Oxford University Press.

Suggested Citation

  • Easton, Brian, 1994. "Economic and Other Ideas behind the New Zealand Reforms," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 10(3), pages 78-94, Autumn.
    • Handle: RePEc:oup:oxford:v:10:y:1994:i:3:p:78-94
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    Cited by:

    1. Aida Caldera Sánchez & Alain de Serres & Naomitsu Yashiro, 2017. "Reforming in a Difficult Macroeconomic Context: A Review of Issues and Recent Literature," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 8(01), pages 1-41, February.
    2. Stillman, Steven & Velamuri, Malathi & Aitken, Andrew, 2010. "The long-run impact of New Zealand's structural reform on local communities," Journal of Comparative Economics, Elsevier, vol. 38(4), pages 432-448, December.
    3. Frederic S. Mishkin & Adam S. Posen, 1997. "Inflation targeting: lessons from four countries," Economic Policy Review, Federal Reserve Bank of New York, vol. 3(Aug), pages 9-110.
    4. Knorr, Andreas, 1997. "Modell Neuseeland? Reformen und Reformergebnisse im Überblick," Ilmenau Economics Discussion Papers 12, Ilmenau University of Technology, Institute of Economics.

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