Economic Breakdown & Recovery: Theory and Policy
This is a thoroughly revised and expanded version of an earlier edition. Cornwall builds an economic theory and makes policy recommendations on the central issues of economic growth, full employment, stagnation, inflation, and unemployment all developed within a Post Keynesian framework. The revision carries the analysis through to the present day with the core theme being the challenge of high unemployment as the cost for conventional anti-inflationary policy.
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The Evolutionary Nature of Twentiethcentury Capitalism
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acceleration average rate behavior boom capital capitalist economies chapter classical unemployment considered constraint corporatism corporatist costs cross-country deficit demand for FE developed equation equilibrium example explain exports framework goals high unemployment hysteresis impact implement important incomes policy increase inflation rates inflationary bias investment Keynesian labor market lead long-run Phillips curve low unemployment macroeconomic macroperformance mass unemployment ment misery index monetary money wage NAIRU nomic OECD countries OECD economies party control path dependence payments percent performance ployment pluralist economies political price inflation prisoner's dilemma productivity growth public choice theory rate of growth rate of unemployment rates of inflation real wage recovery program reduce unemployment regression relative restrictive AD policies result shift social bargain Stagflation stimulative AD policies strike activity strike volume structural Switzerland theory tion trade union unem unemploy unemployment rates union movement United variables wage and price wage demands wage inflation welfare workers