What is the American model really about?
James K. Galbraith
Industrial and Corporate Change, 2007, vol. 16, issue 1, 1-18
Abstract:
High employment in America stems not from flexible wages, but from institutions that foster high effective demand, especially in health care, higher education, housing, and the spending of retirees. These institutions combine public and private revenue sources so as to establish soft budget constraints; the net effect is to displace deficit spending from the public to the private sector—a Keynesian Devolution that in the late 1990s drove demand to full employment levels even though public deficits disappeared. Copyright 2007 , Oxford University Press.
Date: 2007
References: Add references at CitEc
Citations: View citations in EconPapers (1)
Downloads: (external link)
http://hdl.handle.net/10.1093/icc/dtl031 (application/pdf)
Access to full text is restricted to subscribers.
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:oup:indcch:v:16:y:2007:i:1:p:1-18
Ordering information: This journal article can be ordered from
https://academic.oup.com/journals
Access Statistics for this article
Industrial and Corporate Change is currently edited by Josef Chytry
More articles in Industrial and Corporate Change from Oxford University Press and the Associazione ICC Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().