By Robert A. Levine
The writer combines macroeconomic historical past because the nice melancholy with a short exposition of financial idea that stems from and explains that background, and explores how that have may perhaps practice to the current monetary main issue. He warns that we may perhaps back be headed for stagflation and makes feedback for escaping the worst results of the trouble.
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Extra resources for Adjusting to Global Economic Change: The Dangerous Road Ahead
In this diﬃculty, and the time it will take for the overall economy to make the adjustment, lie many of the economic problems of the United States. The deductive theory is brilliant and it works, but it does not work for everything. Observation of, and data from, the real world are necessary to convert the theory to policy. This paper reads inductively so that it can be followed by noneconomists. It is intended to synthesize classical economics and the deductive theories of Keynes and others, and to apply them to observations of the real economies of the United States and the rest of the world, in order to explain the history of the past 70 years and project future possibilities.
More capital, labor, and other inputs per ton or bushel) it is still better oﬀ producing whichever it does best and trading, but A will be poorer overall than B. , if A begins to produce coal more eﬃciently than wheat, then the direction of trade should 1 See Robert A. Levine, “Economists’ Contributions to Public Policy Planning,” in Proceedings of the International Conference on Public Policy Planning, Taipei: Research Development and Evaluation Commission, October 1989. 24 Adjusting to Global Economic Change: The Dangerous Road Ahead shift.
Deduction and Induction The other controversy, even more basic than classicism versus Keynesianism, but less frequently discussed in recent years, is between deductive and inductive economists. Although the former now almost completely dominate academic economics departments, induction (sometimes dismissed by deductive economists as mere “institutional economics”) plays an important— perhaps the most important—role in the actual making of economic policy. Policy is made by politics, and politicians depend heavily on what they and their constituents can see.