Destabilizing an unstable economy: the erosion of automatic stabilizers

Co-authored by Jeffrey Wenger

Chapter 16 in Reforming Capitalism for the Common Good, 2022, pp 210-225 from Edward Elgar Publishing

Abstract: This chapter explains the importance of built-in economic stabilizers (such as progressive taxes, unemployment insurance, minimum wages, and public income supports) and the risks their erosion poses for the American economy. The chapter also draws on the work of Hyman Minsky to recommend policy action that would shore up the system's stabilizers - and explores why the US economy avoided a more serious downturn at the start of the new millennium despite the weakening of its stabilizers over several decades.

Keywords: Economics and Finance; Politics and Public Policy Sustainable Development Goals (search for similar items in EconPapers)
Date: 2022
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