Boom and Bust Again: Policy Challenges for a Commodity-Based Economy

In many commodity-based economies, rollercoaster boom-and-bust cycles have come to be viewed almost as an unavoidable characteristic. Framed mainly in the context of the Alberta economy, the articles in this volume explore a wide range of issues associated with the historical phenomenon of recurring periods of boom and bust, including reasons for their apparent inevitability, dealing with revenue volatility, possible diversification strategies, savings policy, and challenges faced by policy makers. Re-examining and shedding new light on these struggles, Boom and Bust Again is an important contribution to the literature on policy issues for readers in the fields of economics, business, finance, and public policy.

About the Author :
David L. Ryan is a professor in the Department of Economics at the University of Alberta, and from 2002 until 2012 was the director of CBEEDAC, the Canadian Building Energy End-Use Data and Analysis Centre. He lives in Edmonton.

Review :
"Boom and Bust Again is stuffed with valuable information and ideas for improving the way the provincial government manages Alberta's wealth. The many contributors are not only talented, most of them have hard-won experience with Alberta's booms and busts. So the economic theory presented here is tempered like good steel by the hot and cold of Alberta's economic performance over many decades. Every chapter is valuable. I hope the next volume focuses on related issues, including an in-depth analysis of personal and corporate taxes, profits, and royalties." Kevin Taft, September 2013 "As the Alberta economy is stressed and government deficits rise, our new government--with its different perspective--needs to address the issues raised in this collection and implement some of the advice offered, as it has already done in stabilizing expenditures. The public needs to be better informed and willing to pay the taxes necessary to pay for the quality public services it expects. This work is a positive addition to accomplish these goals." "[Boom and Bust Again] paints a bleak picture: Alberta's public finances are overly dependent on volatile non-renewable energy resources, we are failing future generations by failing to save enough from these depleting resources,and taxes alone are too low to pay for the services we currently demand.... The authors are clear about what we need from the government: more evidence-based decision making, better communication with the electorate and stakeholders and a commitment to savings..."