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Synopsis
This study explains why the OECD economies have been in a high unemployment equilibrium trap for the past 15 years. An institional-analytical framework is adopted to reveal how institutions interact with the economic and political demands of organized interest groups to determine both the difference in performances between countries and the general failure of the OECD economies to recover. Stagnation is traced in the first instance to an unwillingness of countries to employ stimulative Keynesian policies because of their adverse inflation and payments side effects. Underlying this are institutional changes, largely induced by the economic successes of the 1950s and 1960s, that have greatly reduced the ability of policy makers to use aggregate demand and exchange rate policies to stabilize the economy. Further instutional changes induced by governments are required for recovery. Given the radical nature of the required changes, continued long-run stagnation seems assured. (Publisher)
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- PublisherBlackwell Pub
- Publication date1990
- ISBN 10 0631148817
- ISBN 13 9780631148814
- BindingHardcover
- Edition number1
- Number of pages256
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The Theory of Economic Breakdown: An Institutional-Analytical Approach
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Williston, Vermont, U.S.A.: Blackwell Pub, 1990
ISBN 10: 0631148817
ISBN 13: 9780631148814
Used
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First Edition
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Hardcover. Condition: Very Good. Dust Jacket Condition: Very Good. 1st Edition. "This study explains why the OECD economies have been in a high unemployment equilibrium trap for the past 15 years. An institional-analytical framework is adopted to reveal how institutions interact with the economic and political demands of organized interest groups to determine both the difference in performances between countries and the general failure of the OECD economies to recover. Stagnation is traced in the first instance to an unwillingness of countries to employ stimulative Keynesian policies because of their adverse inflation and payments side effects. Underlying this are institutional changes, largely induced by the economic successes of the 1950s and 1960s, that have greatly reduced the ability of policy makers to use aggregate demand and exchange rate policies to stabilize the economy. Further instutional changes induced by governments are required for recovery. Given the radical nature of the required changes, continued long-run stagnation seems assured." (Publisher). Seller Inventory # HB8258
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The Theory of Economic Breakdown: An Institutional-Analytical Approach
Published by
Blackwell Pub, 1990
ISBN 10: 0631148817
ISBN 13: 9780631148814
Used
Hardcover
First Edition
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The Theory of Economic Breakdown: An Institutional-Analytical Approach
Published by
Blackwell Pub, 1990
ISBN 10: 0631148817
ISBN 13: 9780631148814
Used
Hardcover
First Edition
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The Theory of Economic Breakdown: An Institutional-Analytical Approach
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