Macroeconomics Beyond the NAIRU Servaas Storm

ISBN: 9780674062276

Published: January 2nd 2012

Hardcover

289 pages


Description

Macroeconomics Beyond the NAIRU  by  Servaas Storm

Macroeconomics Beyond the NAIRU by Servaas Storm
January 2nd 2012 | Hardcover | PDF, EPUB, FB2, DjVu, AUDIO, mp3, ZIP | 289 pages | ISBN: 9780674062276 | 5.30 Mb

Economists and the governments they advise have based their macroeconomic policies on the idea of a natural rate of unemployment. Government policy that pushes the rate below this point about 6 percent is apt to trigger an accelerating rate ofMoreEconomists and the governments they advise have based their macroeconomic policies on the idea of a natural rate of unemployment. Government policy that pushes the rate below this point about 6 percent is apt to trigger an accelerating rate of inflation that is hard to reverse, or so the argument goes.

In this book, Storm and Naastepad make a strong case that this concept is flawed: that a stable non-accelerating inflation rate of unemployment (NAIRU), independent of macroeconomic policy, does not exist. Consequently, government decisions based on the NAIRU are not only misguided but have huge and avoidable social costs, namely, high unemployment and sustained inequality.Skillfully merging theoretical and empirical analysis, Storm and Naastepad show how the NAIRU s neglect of labor s impact on technological change and productivity growth eclipses the many positive contributions that labor and its regulation make to economic performance.

When these positive effects are taken into account, the authors contend, a more humane policy becomes feasible, one that would enhance productivity and technological progress while maintaining profits, thus creating conditions for low unemployment and wider equality.



Enter the sum





Related Archive Books



Related Books


Comments

Comments for "Macroeconomics Beyond the NAIRU":


toosmart.pl

©2013-2015 | DMCA | Contact us