Theory of Economic Breakdown

Cornwall, John

ISBN 10: 0631148817 / ISBN 13: 9780631148814

Published by Wiley & Sons, Incorporated, John, 1990

Former library copy. Pages intact with minimal writing/highlighting. The binding may be loose and creased. Dust jackets/supplements are not included. Includes library markings. Stock photo provided. Product includes identifying sticker. Better World Books: Buy Books. Do Good. Seller Inventory # GRP94593883

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.

Bibliographic Details

Title: Theory of Economic Breakdown
Publisher: Wiley & Sons, Incorporated, John
Publication Date: 1990
Binding: Hardcover
Condition: Good
Edition: 1St Edition.