For instance, Robert Lucas asserted in 1988 that economists badly over-stress the role of financial factors in economic growth. Moreover, Nobel laureate Joan Robertson declared in 1952 that “where enterprise leads, finance follows”. According to this view, economic development creates demands for particular types of financial arrangements, and the financial system responds automatically to these demands. 4.
But they are generally consistent with our view that the weakness in the first half will be mainly associated with inventory adjustments in markets facing soft demand—in particular, motor vehicles—and with adjustments in other industries—notably electronics and telecommunications equipment.