Austerity and Stagnation, Part 1 : A Non-Walrasian Approach to Economic Stability

Unlike the narrative in Walrasian economic theory, the real world is not one of perfect foresight. This paper replaces this axiom with fundamental uncertainty, as established in original Keynesian theory. Drawing on contributions from Shackle, Okun, Alchian and Davidson, this paper explores how sticky prices become carriers of confidence through time. The confidence-carrying property is applied to government, fiscal policy, austerity and macroeconomic stability

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Year of publication:	2017
Authors:	Larson, Sven R.
Publisher:	[2017]: [S.l.] : SSRN
Subject:	Haushaltskonsolidierung \| Fiscal consolidation \| Konjunktur \| Business cycle \| Theorie \| Theory \| Stabilisierungspolitik \| Stabilization policy \| Wirtschaftliche Instabilität \| Macroeconomic instability

Extent:	1 Online-Ressource (19 p)
Series:	An abbreviated version of this paper will be presented at the Research Association for Interdisciplinary Studies Conference at Johns Hopkins University, October 16-17, 2017
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 14, 2017 erstellt
Other identifiers:	10.2139/ssrn.3037141 [DOI]
Classification:	D01 - Microeconomic Behavior: Underlying Principles ; D02 - Institutions: Design, Formation, and Operations ; D4 - Market Structure and Pricing ; E02 - Institutions and the Macroeconomy ; E12 - Keynes; Keynesian; Post-Keynesian ; e14 ; E3 - Prices, Business Fluctuations, and Cycles ; E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation ; E65 - Studies of Particular Policy Episodes ; H11 - Structure, Scope, and Performance of Government
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012947797