Alternative Theories of Output, Unemployment, and Inflation in Germany: 1960-1985 - Couverture souple

Sauer, Christine

Couverture souple

ISBN 10 : 3540509089 ISBN 13 : 9783540509080

Editeur : Springer Berlin Heidelberg, 1989

Synopsis

by Jerome L. Stein Disenchantment with Keynesian econollics developed during the post-1968 period when the rate of growth of output declined, the rate of unemployment rose, and the rate of inflation increased in the U.S. and in other countries. This paradox, called stagflation, was inconsistent with the tenet of Keynesian economics that cyclical movemants in prices and output relative to their respective trends are positively correlated. A search occurred for a more satisfactory theory of macroeconomics which could explain the paradox of stagflation and the observed economic phenomena. The New Classical Economics (NCE) developed as the total rejection of Keynesian economics. The Keynesians claimed that their demand management policies contributed to the obsolescence of the business cycle and successfully eliminated the gap between full employment (potential) output and actusl output. The NCE argued just the opposite: the unemplo nt rate or growth rate of real output is insensitive to systematic demand management policies [Lucas; Sargent and Wallace].

Détails de l'édition

• Éditeur: Springer Berlin Heidelberg
• Date d'édition: 1989
• Langue: anglais
• ISBN 10: 3540509089
• ISBN 13: 9783540509080
• Reliure: Broché
• Nombre de pages: 228
• Coordonnées du fabricant: Springer Nature Customer Service Center GmbH; ProductSafety@springernature.com; ; Europaplatz 3; Heidelberg; 69115; Allemagne