Breaking Vicious Cycles

Steven Rosefielde and Daniel Quinn Mills

Chapter 15 in Global Economic Turmoil and the Public Good, 2015, pp 155-162 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Avoiding crises, combating secular stagnation and deterring international conflict require that much be done because we are far along in decay. Inclusive economic theory demonstrates that we can go much further, and are likely to, but even at this point we are beyond the place of a quick and easy turn-around. This is because we are in a vicious cycle in which emergency measures and inaction justified or not follow one upon another and prevent us from making longer term improvements. For example, we cannot lessen public or consumer debt because we cannot accept a period of transition in which total spending is lessened as debt is retired. Hence, emergency spending measures (so called stimulus) crowd out longer-term debt reduction. Debt keeps rising and the emergencies become more serious. The emergency action is piling on debt and bloating the money supply. The inaction is failing to exercise self-restraint…

Keywords: Global Economic Crisis; Global Financial Crisis; Crisis Prevention; Global Economic Sclerosis; European Union; Monetary Union; Fiscal Union; United States; China; India; Japan; Monetary Policy; Keynesianism; Central Banking; Fiscal Policy (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.worldscientific.com/doi/pdf/10.1142/9789814590518_0015 (application/pdf)
https://www.worldscientific.com/doi/abs/10.1142/9789814590518_0015 (text/html)
Ebook Access is available upon purchase.

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:wsi:wschap:9789814590518_0015

Ordering information: This item can be ordered from

Access Statistics for this chapter

More chapters in World Scientific Book Chapters from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().