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Thursday, June 20, 2019
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After the bust: The outlook for macroeconomics and macroeconomic policy
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After the bust: The outlook for macroeconomics and macroeconomic policy

21 Seiten · 3,31 EUR
(Oktober 2009)

 
Ich bin mit den AGB, insbesondere Punkt 10 (ausschließlich private Nutzung, keine Weitergabe an Dritte), einverstanden und erkenne an, dass meine Bestellung nicht widerrufen werden kann.
 
 

In the chapter “After the bust: The outlook for macroeconomics and macroeconomic policy” Thomas I. Palley argues that the current economic crisis offers an historic opportunity for change. The depth of the crisis means there will likely be a policy turn in a Keynesian and even Post Keynesian direction. However, there are profound political, intellectual and sociological obstacles blocking change in underlying economic thinking, according to Palley. In particular, the economics profession and its ideology remain unreformed, with little indication of change regarding core understandings concerning labour markets, globalization, and the theory of the natural rate of unemployment. The only place where there is evidence of substantive intellectual change is attitudes toward financial regulation. These obstacles will mute the policy response to the crisis, and if a deep crisis is averted they will tend to encourage a return of the existing policies that have failed so disastrously, Palley concludes.

zitierfähiger Aufsatz aus ...
Macroeconomic Policies on Shaky Foundations – Whither Mainstream Economics?
Eckhard Hein, Torsten Niechoj, Engelbert Stockhammer (eds.):
Macroeconomic Policies on Shaky Foundations – Whither Mainstream Economics?
the author
Thomas I. Palley

Chief Economist of Economics for Democratic & Open Societies, Washington DC, USA.

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