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Economic Breakdown and Recovery : Theory and Policy :  Theory and Policy - Jeffrey R. Cornwall

Economic Breakdown and Recovery : Theory and Policy

Theory and Policy

Paperback Published: 1994
ISBN: 9781563243059
Number Of Pages: 320

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This study of macroeconomics combines treatment of opposing theories with a presentation of evidence to point the way toward a reconstructed macro research and policy programme.

Foreword: Economic Breakdown and Recovery
Preface to the 1994 Edition
Preface to the 1990 Edition
Introduction I: Frameworkp. 1
Must Democratic Capitalism Fail?p. 1
Can Democratic Capitalism Succeed?p. 3
A Keynesian Viewp. 5
Understanding Today's Difficultiesp. 7
An Extended Framework of Analysisp. 8
Unemployment is the Issuep. 9
The Tasks Aheadp. 13
How should we do Macroeconomics?p. 15
Why Do Governments Choose Unemployment Policies?p. 16
The Basic Causesp. 17
A Framework for Studying Performancep. 20
The Second Blade of the Scissorsp. 20
The Second Limitationp. 22
An Institutional-Analytical Approachp. 23
The Evolutionary Nature of Twentieth-century Capitalismp. 26
A Comparison of Unemployment and Growth Ratesp. 27
The Rise of the Welfare Statep. 28
The Rising Power of Laborp. 31
Industrial Relations and the Rising Power of Laborp. 34
Strike Activity and the Size of the Welfare Statep. 35
Inflation and the Rising Power of Laborp. 37
The Breakdown in the Early 1970sp. 39
A Reappraisal of Vertical Phillip: Curve Analysisp. 44
Is Keynes Irrelevant?p. 44
The Natural Rate Hypothesis Once Morep. 45
New Strands in Vertical Phillips Curve Analysisp. 49
The Alpha Strandp. 50
Vertical Phillips Curves: The Beta Strandp. 55
Some Counter-argumentsp. 57
Hysteresis Effectsp. 60
Appendix A: The Reliability of Nonaccelerating Inflation Rate of Unemployment Estimatesp. 65
Appendix B: Pigou Rebornp. 67
Some Basic Determinants of Unemploymentp. 69
Public Choice Theoryp. 70
Policy Outcomes and Organizational Competitionp. 72
Party Control as an Explanation of Policy Choicesp. 73
Cross-country Analysisp. 75
Party Control and Economic Policyp. 76
A Political Economist's Analysis of Unemploymentp. 79
The Basic Causes of Unemploymentp. 81
A Question of Terminologyp. 82
A Multitude of Constraintsp. 83
The Relevant Institutional Constraintsp. 84
Macroeconomic Performance and Institutionsp. 87
Party Control and Unemployment before the Breakdownp. 88
The Impact of Unions on Inflationp. 90
Inflation as a Prisoner's Dilemmap. 92
Why Phillips Curves Differp. 94
Corporatismp. 97
Social Democratic Corporatismp. 99
Pluralist Economiesp. 100
Bourgeois Democratic Corporatismp. 101
Alternative Forms of Corporatism - Switzerlandp. 103
Alternative Forms of Corporatism - Japanp. 104
Why the Cross-country Phillips Curve is Horizontalp. 106
Econometric Tests of Institutional influencesp. 109
Measures of Social Bargainsp. 109
Simple Correlationsp. 112
Unemployment Rates, 1963-1973p. 113
Unemployment Accountingp. 116
Cross-country Differences in the Misery Index, Price Inflation, and Wage Inflation, 1963-1973p. 118
Tarantelli's Studyp. 119
An Evaluationp. 120
What Can We Learn from the Experience before the Breakdown?p. 122
Why Were Unemployment Rates So Low in the OECD?p. 123
Introduction II: Breakdownp. 129
Stability Downward - Instability Upwardp. 132
Instability Downward - Stability Upwardp. 133
A Misdirected Research Programp. 133
Unemployment Performance Since the Breakdownp. 135
A Look at the Recordp. 135
Regression Analysis: Unemployment in the Post-war Periodp. 138
Why Did Some Succeed?p. 142
Appendix A: A Formal Analysis of the Immediate and Basic Determinants of Unemployment and Inflationp. 146
High Inflation and Policy-Induced High Unemploymentp. 152
Starting Overp. 152
The Variable-coefficient Phillips Curvep. 153
Fairness and the Dynamics of Inflationp. 155
Variable-coefficient Models of Inflationp. 157
The Eckstein-Brinner Model of Inflationp. 158
The Workings of the Modelp. 160
Are Workers Fooled?p. 162
The Shifting Long-run Variable-coefficient Phillips Curvep. 162
Hysteresis and the Variable-coefficient Phillips Curvep. 167
Appendix A: Analytical Solutionsp. 173
Appendix B: Regression Analysisp. 178
Explaining the Breakdownp. 181
The "Great Post-war Inflation"p. 182
Stages of the "Great Inflation"p. 183
Breakdownp. 186
The Rising Inflation Costsp. 188
The Ineffectiveness of Traditional Payments Policiesp. 190
A Model of Long-run Mass Unemploymentp. 197
Weak and Strong Corporatist and Pluralist Economiesp. 197
Exporting Unemploymentp. 200
A Coordinated Stimulative Policy is Not Sufficient for World Recoveryp. 200
Looking to the Futurep. 202
Why Restrictive Aggregate Demand Policies Are So Costlyp. 204
Why Restrictive Aggregate Demand Policies Are Ineffective in the Long Runp. 207
Introduction III: Recoveryp. 213
Outline of Part IIIp. 214
The Boom of the 1980s and its Aftermathp. 216
The Booms of the 1960s and 1980sp. 216
A Non-linear Model of the Cyclep. 219
The Relationship between Booms and Slumpsp. 221
Path Dependence in the 1959-73 and 1982-92 Periodsp. 223
The Aftermathp. 227
A Program for Economic Recovery In the United Statesp. 230
Paradigms and Recovery Programsp. 231
The Unemployment Record in the Twentieth Centuryp. 233
An Outline of the Programp. 236
Creating the Ideological Climate - Keynes Reborn, Part Onep. 239
Creating the Ideological Climate - Keynes Reborn, Part Twop. 240
Budget Dynamics and the Interaction of the Budget and the Economyp. 242
Creating the Ideological Climate - the Social Bargainp. 244
The Hierarchy of Policy Goalsp. 245
A Diagrammatic Expositionp. 247
The Clinton Program for Recoveryp. 249
What About the Demand Side?p. 250
What About the Supply Side?p. 251
Choosing the Futurep. 256
Policy Optionsp. 256
Recreating the Nineteenth Centuryp. 257
A Program for the Futurep. 262
Studying Economic Breakdownp. 263
Path Dependence in Capitalist Developmentp. 264
Choosing the Wrong Futurep. 266
Bibliographyp. 269
Indexp. 277
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9781563243059
ISBN-10: 1563243059
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 320
Published: 1994
Country of Publication: US
Dimensions (cm): 22.86 x 15.24  x 1.7
Weight (kg): 0.43