Economic Gear-Changing

R. A. Rayman

Chapter 8 in A Multi-Gear Strategy for Economic Recovery, 2013, pp 62-73 from Palgrave Macmillan

Abstract: Abstract According to the textbooks of macroeconomic theory, it is axiomatic that, for a perfectly competitive economy in continuously marketclearing equilibrium, there can be no such thing as unemployment. The blind spot of Single-Gear Fundamentalism lies in its failure to recognise the possibility of deficiency of effective demand. When this blind spot is removed, it becomes clear that the economy is a multi-gear machine.

Keywords: Natural Rate; Blind Spot; Budget Deficit; Full Employment; Price Stability (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-30452-0_8

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DOI: 10.1057/9781137304520_8

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