Uncertainty and Austerity Policy

Paul Davidson

Chapter Chapter 1 in Economic Reform Now, 2013, pp 1-22 from Palgrave Macmillan

Abstract: Abstract The economy is a process in historical time. Time is a device that prevents everything from happening at once. The production of commodities takes time; and the consumption of goods, especially durables, takes considerable time. Economics is primarily the study of how households and firms make decisions regarding production and consumption activities that have an outcome (payoff) occurring at some time in the future.

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-36407-4_1

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DOI: 10.1057/9781137364074_1

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