Destabilizing an Unstable Economy

Charles Whalen and Jeffrey Wenger

Challenge, 2002, vol. 45, issue 6, pages 70-92

Abstract: One reason the U.S. economy has enjoyed more stability in the post-World War II era is its automatic stabilizers. Markets on their own do not adjust rapidly or without undue pain. The authors, like their mentor on this issue, the late Hyman Minsky, argue that they may indeed collapse into a sustained period of high unemployment. But in recent decades, the nation has let automatic stabilizers erode. The authors present both theory and practice, and call for a strengthening of these automatic stabilizers again.

Date: 2002

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