OPTIMAL POLICY CONFIGURATIONS UNDER ALTERNATIVE COMMUNITY GROUP PREFERENCES*

Michel Chossudovsky

Kyklos, 1972, vol. 25, issue 4, 754-770

Abstract: The article focusses on a methodology for revealing policy preference functions pertaining to the subjective trade‐off between unemployment and price stability. Community group indifference maps are constructed by a method of policy pairwise comparison. An empirical application is envisaged in a Canadian context with reference to the preference functions of business and tradeunion groups. Optimal group policy configurations are derived by maximizing the preference functions subject to the relations of the ‘trade‐off zone’. The effects on unemployment and inflation are analysed in terms of parametric variations of the preference function and the Phillips curve. The underlying policy implications are discussed.

Date: 1972
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