PSST: Patterns of Sustainable Specialization and Trade

Kling Arnold

Capitalism and Society, 2011, vol. 6, issue 2, 20

Abstract: This essay offers an alternative way to look at macroeconomics. The current standard approach uses aggregate supply and aggregate demand (AS-AD). I call the alternative approach "patterns of sustainable specialization and trade" (PSST). The PSST approach combines many old and new strands in economics. It suggests that the economy is a highly complex system that is constantly adapting to new circumstances, especially opportunities created by technological innovation. We can view employment fluctuations as a reflection of the difficulty that markets sometimes have in making the necessary adjustments, so that for a period of time some workers have extremely low marginal revenue product and as a result become unemployed.

Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://doi.org/10.2202/1932-0213.1086 (text/html)
For access to full text, subscription to the journal or payment for the individual article is required.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bpj:capsoc:v:6:y:2011:i:2:n:2

Ordering information: This journal article can be ordered from
https://www.degruyter.com/journal/key/cas/html

DOI: 10.2202/1932-0213.1086

Access Statistics for this article

Capitalism and Society is currently edited by Edmund Phelps and Amar Bhidé

More articles in Capitalism and Society from De Gruyter
Bibliographic data for series maintained by Peter Golla ().