Is the New Economy Rewriting the Rules?

James K. Galbraith

A chapter in Unbearable Cost, 2006, pp 165-167 from Palgrave Macmillan

Abstract: Abstract Mr President, the question before this panel is, in effect, ‘Can Full Employment Without Inflation Endure?’ According to the ‘old rules’ and those who believe them, the expansion will not last. Growth is too rapid, unemployment too low, stocks too high. There are deep and mysterious reasons why wage inflation is sure to explode, someday soon. Even more mysteriously, some have even suggested that the rate of productivity growth is too fast.

Keywords: Interest Rate; Productivity Growth; Full Employment; Productivity Growth Rate; Wage Inflation (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1057/9780230236721_48

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