By Robert L. Mansell
After a decade of awfully powerful functionality, the Alberta economic climate skilled huge swings in task within the Nineteen Eighties and ranked one of the such a lot volatile in Canada and the USA. This special examine of the process the Alberta financial system from the early Nineteen Seventies to the overdue Nineteen Eighties assesses the motives for this instability and explores ways that federal and provincial executive regulations and marketplace forces may well reduce the risky nature of the economic system.
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Extra info for Strength in Adversity: A Study of the Alberta Economy (Western Studies in Economic Policy)
Provincial policies may influence real per-capita incomes in the short run but, as factor markets respond, the net effect will be reflected mainly as a change in the amount of capital and labor in the province, not in their economic returns. Possible Causal Factors It is readily apparent from the foregoing that, contrary to common perception, the determinants of the performance and structural characteristics of a small, resource-based, open economy such as Alberta's are both numerous and complex.
In this assessment, it is also necessary to distinguish between actual-and-full employment surpluses and deficits. 38 S t r e n g t h i n A d v e r s i t y Figure 19. Government of Alberta Revenues, Expenditures and Fiscal Balances, 1980-1987 (in billions of dollars and for fiscal years beginning in the years shown) Source: Alberta Treasury, Financial Summary and Budgetary Review, various years. Notes: a. Total revenues are net of tax expenditures on the non-renewable resource sector. b. Total budgetary expenditures plus voted and statutory appropriations.
D i a g n o s i n g A l b e r t a ' s D o w n t u r n 31 breakdown (Atlantic Canada, Quebec, Ontario, the Prairies, and British Columbia); hence not all of his results can be related specifically to Alberta. Nevertheless, it is reasonable to expect that many of his conclusions regarding the performance of the Western Canadian economy are generally applicable to Alberta. Based on his analysis of changes over the period 1980-85, Carmichael concluded that external factors (low international prices for agricultural and forest products, minerals, and petroleum) were the dominant causes of the poor performance of the Western Canadian economy and of the serious regional imbalances in economic activity across the country.