Economics in a Changing World V5 : Volume 5: Economic Growth and Capital Labour Markets
Book Details
Format
Hardback or Cased Book
Book Series
International Economic Association Series
ISBN-10
0333601270
ISBN-13
9780333601273
Publisher
Palgrave Macmillan
Imprint
Palgrave Macmillan
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Apr 19th, 1995
Print length
265 Pages
Product Classification:
MacroeconomicsLabour / income economicsLabour economicsInternational economicsPolitical economy
Ksh 23,400.00
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Now, with the universal acceptance of endogenous growth theory, the common concensus proposition would be `we are all neo-classical for the short run and Keynesian for the long run' (investment being too important for growth to be left entirely in private hands).
Growth patterns have changed radically over the last two decades, to which capital and the labour markets appear to have failed to adapt. Unemployment in Europe has been growing, almost without remission, to levels unseen since the Great Depression. These facts are somewhat at odds with the development of growth theory which has mainly been orientated towards an equilibrium full employment framework. The main message of equilibrium theory of fluctuations was precisely that the policy maker is impotent. Now, with the universal acceptance of endogenous growth theory, the common concensus proposition would be `we are all neo-classical for the short run and Keynesian for the long run' (investment being too important for growth to be left entirely in private hands).
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