Will only an earthquake shake up economics?
Fuente:
Organización Internacional del Trabajo (OIT)
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| Format: | Artículo científico |
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International Labour Organization
2010
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| _version_ | 1874525290981490692 |
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| author | Ronald Schettkat |
| author_facet | Ronald Schettkat Ronald Schettkat |
| contents | Will only an earthquake shake up economics? Ronald Schettkat “Natural rate theory”, the Efficient Market Hypothesis and its labour market application dominated interpretations of economic trends and policy prescriptions from the 1970s onwards, with their views of public policy and regulation as distorting otherwise well-functioning free markets. The upheaval of the current crisis is shaking these theories to the core. In this context, Schettkat examines European experience from the 1990s onwards and shows the theories to be unsubstantiated: high unemployment persisted post-recession despite structural reforms to labour market institutions, and the resumption of economic growth was hindered by thendominant deflationary monetary and fiscal policies inspired by these theories. 10.1111/j.1564-913X.2010.00083.x DOI https://doi.org/10.1111/j.1564-913X.2010.00083.x publication.journalArticle |
| format | Artículo científico |
| id | ilo_995219234602676 |
| institution | Organización Internacional del Trabajo (OIT) |
| publishDate | 2010 |
| publisher | International Labour Organization |
| spellingShingle | Will only an earthquake shake up economics? Ronald Schettkat Will only an earthquake shake up economics? Ronald Schettkat “Natural rate theory”, the Efficient Market Hypothesis and its labour market application dominated interpretations of economic trends and policy prescriptions from the 1970s onwards, with their views of public policy and regulation as distorting otherwise well-functioning free markets. The upheaval of the current crisis is shaking these theories to the core. In this context, Schettkat examines European experience from the 1990s onwards and shows the theories to be unsubstantiated: high unemployment persisted post-recession despite structural reforms to labour market institutions, and the resumption of economic growth was hindered by thendominant deflationary monetary and fiscal policies inspired by these theories. 10.1111/j.1564-913X.2010.00083.x DOI https://doi.org/10.1111/j.1564-913X.2010.00083.x publication.journalArticle |
| title | Will only an earthquake shake up economics? |
| url | https://researchrepository.ilo.org/esploro/outputs/journalArticle/Will-only-an-earthquake-shake-up/995219234602676 |