Weitere Kapitel dieses Buchs durch Wischen aufrufen
Part III made a connection between the short run and the long run, but only in a superficial way. The long run was just “given,” as if by some natural evolution of the economy’s productive inputs. The economy’s “actual” output then varied around the “potential” output, depending on whether we were in a booming or recessionary phase of the business cycle. This chapter looks at the ways that business cycles and the policy responses to them may affect the path of long-run growth and considers different ways that influence could run. The rest of the chapter looks at a small selection of alternatives to this neoclassical synthesis.
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- The Standard Model and Alternative Perspectives
- Chapter 18
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