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A Theory of Economic Policy Lock-in and Lock-out via Hysterisis: Rethinking Economists’ Approach to Economic Policy

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dc.contributor.authorPalley, Thomas I.
dc.date2023-09-24T07:57:15.000
dc.date.accessioned2024-04-26T20:00:30Z
dc.date.available2024-04-26T20:00:30Z
dc.date.issued2016-10-01
dc.description.abstractThis paper explores lock-in and lock-out via economic policy. It argues policy decisions may near-irrevocably change the economy’s structure, thereby changing its performance. That causes changed economic outcomes concerning distribution of wealth, income and power, which in turn induces locked-in changes in political outcomes. That is a different way of thinking about policy compared to conventional macroeconomic stabilization theory. The latter treats policy as a dial which is dialed up or down, depending on the economy’s state. Lock-in policy is illustrated by the euro, globalization, and the neoliberal policy experiment.
dc.identifier.doihttps://doi.org/10.7275/27437854
dc.identifier.urihttps://hdl.handle.net/20.500.14394/40098
dc.relation.urlhttps://scholarworks.umass.edu/cgi/viewcontent.cgi?article=1312&context=peri_workingpapers&unstamped=1
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.source.issue424
dc.source.statuspublished
dc.subjectEconomic policy
dc.subjectlock-in
dc.subjecthysteresis
dc.subjectglobalization
dc.subjecteuro
dc.subjectneoliberalism
dc.subjectEconomics
dc.titleA Theory of Economic Policy Lock-in and Lock-out via Hysterisis: Rethinking Economists’ Approach to Economic Policy
dc.typearticle
dc.typearticle
digcom.contributor.authorPalley, Thomas I.
digcom.identifierperi_workingpapers/289
digcom.identifier.contextkey27437854
digcom.identifier.submissionpathperi_workingpapers/289
dspace.entity.typePublication
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