Abstract
In much of his work, Richard H. Day was concerned with the dynamics of growth among firms, households, industries and entire economies, and the fact that normal processes could end up at multiple equilibria or even out of equilibrium. To his great credit, he made use of optimizing models based on rational expectations to examine how firms and their managers would react in ways that would deal with the obstacles facing them, in some cases with the help of suitable policies of democratic governments. The purpose of this analysis is to point to a number of circumstances in which one type of institution omitted from his analysis, namely, business associations, might be able to serve as a very useful intermediary between the firms and government in mitigating the risks and inefficiencies that otherwise might lead to unfortunate equilibria and disequilibria in which firms and entire economies might find themselves.
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