The Instability of Market Economies

Franck Portier ()

Revue de l'OFCE, 2018, vol. N° 157, issue 3, 225-233

Abstract: The modern approach to macroeconomic fluctuations considers that the economy is fundamentally stable, and fluctuates around a stationary state because of exogenous shocks. This article presents some thoughts and avenues of research for a different approach in which the decentralised market economy may prove to be fundamentally unstable and thus fluctuates both endogenously and exogenously. This has implications for the conduct of macroeconomic stabilisation policies.

Keywords: cyclical fluctuations; endogenous cycle; non-linearity (search for similar items in EconPapers)
Date: 2018
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