COMMENTS ON PROFESSOR KLEIN'S “PROSPECTS AND PROBLEMS FOR THE ADVANCED INDUSTRIAL ECONOMIES OF THE ASIA-PACIFIC AREA”

Professor Lawrence Klein has provided us a very useful overview of the macroeconomic performance, prospects, and problem areas for the five advanced industrial economies of the Pacific Rim — Australia, Canada, Japan, New Zealand, and the United States. He distinguishes between the current cyclical slowdown and the longer-run secular growth prospects. And, explicitly or implicitly, he raises a number of topics and issues to be dealt with in subsequent sessions in this conference…