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New Zealand's Economic Reforms: An assessment

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  • Paul Dalziel

Abstract

New Zealand's economic policy between 1984 and 1996 is often hailed as an example of comprehensive supply-side reform that successfully improved the performance of a weak economy. In contrast, this paper presents statistical evidence to show that: (1) New Zealand sacrificed a large volume of real per capita gross domestic product after 1987; (2) its average unemployment rate increased substantially after 1988; (3) labour productivity growth declined after 1992; and (4) the per capita real income of low-income households in 1996 was more than 3% lower in absolute terms than it had been in 1984. The paper concludes that the economic reform programme did not achieve the objectives expected at its launch.

Suggested Citation

  • Paul Dalziel, 2002. "New Zealand's Economic Reforms: An assessment," Review of Political Economy, Taylor & Francis Journals, vol. 14(1), pages 31-46.
    • Handle: RePEc:taf:revpoe:v:14:y:2002:i:1:p:31-46
    DOI: 10.1080/09538250120102750
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    References listed on IDEAS

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    1. Paul Conway & Adrian Orr, 2000. "The process of economic growth in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 63, March.
    2. Erwin Diewert & Denis Lawrence, 1999. "Measuring New Zealand’s Productivity," Treasury Working Paper Series 99/05, New Zealand Treasury.
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    Citations

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    Cited by:

    1. Starke, Peter, 2005. "Resilient or residual? From the wage earners' welfare state to market conformity in New Zealand," TranState Working Papers 22, University of Bremen, Collaborative Research Center 597: Transformations of the State.
    2. Paresha N. Sinha & Peter Jaskiewicz & Jenny Gibb & James G. Combs, 2020. "Managing history: How New Zealand's Gallagher Group used rhetorical narratives to reprioritize and modify imprinted strategic guideposts," Strategic Management Journal, Wiley Blackwell, vol. 41(3), pages 557-589, March.
    3. Michael C. Shone & P. Ali Memon, 2008. "Tourism, Public Policy and Regional Development: A Turn from Neo-liberalism to the New Regionalism," Local Economy, London South Bank University, vol. 23(4), pages 290-304, November.
    4. Alshyab, Nooh, 2013. "The Political Economy of Reform and Development of the Washington Consensus," MPRA Paper 46014, University Library of Munich, Germany.
    5. 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.
    6. Hazledine, Tim & Quiggin, John, 2005. "No more free beer tomorrow? Economic policy and outcomes in Australia and New Zealand 1984-2003," Risk and Sustainable Management Group Working Papers 151509, University of Queensland, School of Economics.
    7. Chatterjee, Srikanta & Dalziel, Paul & Daunfeldt, Sven-Olov & Podder, Nripesh, 2008. "Income Inequality and Transformation of the Welfare State: A Comparative Study of the Reforms in New Zealand and Sweden," HUI Working Papers 20, HUI Research.
    8. Alison J. Blaiklock & Cynthia A. Kiro & Michael Belgrave & Will Low & Eileen Davenport & Ian B. Hassall, 2002. "When the Invisible Hand Rocks the Cradle: New Zealand children in a time of change," Papers inwopa02/20, Innocenti Working Papers.
    9. Michael Ryan, 2020. "A Narrative Approach to Creating Instruments with Unstructured and Voluminous Text: An Application to Policy Uncertainty," Working Papers in Economics 20/10, University of Waikato.
    10. 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.
    11. repec:bla:ausecr:v:41:y:2008:i:4:p:394-398 is not listed on IDEAS
    12. Michael Ryan, 2020. "An Anchor in Stormy Seas: Does Reforming Economic Institutions Reduce Uncertainty? Evidence from New Zealand," Working Papers in Economics 20/11, University of Waikato.
    13. repec:bla:ausecr:v:41:y:2008:i:4:p:389-393 is not listed on IDEAS
    14. Cronin, Bruce, 2008. "Economic restructuring in New Zealand: A classical account," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 19(3), pages 340-382.

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