Economic Coordination and Dynamics: Some Elements of an Alternative “Evolutionary” Paradigm

Giovanni Dosi

Voprosy Ekonomiki, 2012, issue 12

Abstract: According to the latest forecasts, it will take 10 years for the world economy to get back to “decent shape”. Some more critical estimates suggest that the whole western world will have a “colossal mess” within the next 5–10 years. Regulators of some major countries significantly and over a short time‑period changed their forecasts for the worse which means that uncertainty in the outlook for the future persists. Indeed, the intensive anti‑crisis measures have reduced the severity of the past problems, however the problems themselves have not disappeared. Moreover, some of them have become more intense — the eurocrisis, excessive debts, global liquidity glut against the backdrop of its deficit in some of market segments. As was the case prior to the crisis, derivatives and high‑risk operations with “junk” bonds grow; budget problems — “fiscal cliff” in the US — and other problems worsen. All of the above forces the regulators to take unprecedented (in their scope and nature) steps. Will they be able to tackle the problems which emerge?

Date: 2012
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Working Paper: Economic Coordination and Dynamics: Some Elements of an Alternative "Evolutionary" Paradigm (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2012:id:487

DOI: 10.32609/0042-8736-2012-12-31-60

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