Abstract
My subject is the applicability of control theory to the pressing questions of macroeconomic policy design that face us, both domestically and in the international arena. I approach the issue with some trepidation, conscious that I am a relative amateur in control matters. I am also mindful of the dangers of claiming too much in the field of policy design. Those were nicely stated in a broader context by that eminent biologist, Sir Peter Medawar (I984), when he wrote:
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