Macroeconomic Policy after the Conservative Era: Studies in Investment, Saving and Finance
Cambridge University Press, 12/14/1995
EAN 9780521462907, ISBN10: 0521462908
Hardcover, 484 pages, 22.9 x 15.2 x 3.2 cm
Language: English
A conservative approach to economic growth has dominated policy circles for close to two decades. This approach holds that the key to restoring economic growth lies in reducing the size and role of government in the market economy through deregulation of the financial sector, privatization, and lower taxes. The contributors to this 1995 book argue that the principles of 'trickle down' economics are of dubious validity, and have led to economic stagnation, high unemployment, and increasing inequality. They develop a fresh perspective on macroeconomic policy, one affirming that egalitarian and democratic economic structures are not only compatible with economic revival, but in fact offers sustainable growth of living standards. Their alternative recognizes that markets have an important role to play, but only within the framework of macroeconomic stability, corrections of market failures, and egalitarian rules of the game.
Part I. Introduction
1. Macroeconomic policies for sustainable growth Gerald Epstein and Herbert Gintis
2. Stability, in egalitarianism and stagnation
an overview of the advanced capitalist countries in the 1980s Andrew Glyn
Part II. Savings, Investment and Employment
3. Putting the horse (back) before the cart
disentangling the macro relationship between investment and saving David M. Gordon
4. US national saving and budget deficits Robert Eisner
5. Wages, aggregate demand, and employment in an open economy
a theoretical and empirical investigation Samuel Bowles and Robert Boyer
PART III. The Determinants of Investment
Profits, Demand, Debt, and Expectations
6. Investment and profitability
the evidence from the advanced capitalist countries V. Bhaskar and Andrew Glyn
7. Expectations and investment
an economic defense of animal spirits Christopher Heye
8. Private investment and debt overhang in Latin America Manuel Pastor
Part IV. Finance and Accumulation
Efficiency and Instability
9. Financial innovation, deregulation, and Minsky cycles Peter Skott
10. Financial liberalization, capital rationing, and the informal sector in developing countries J. Mohan Rao
11. International profit rate equalization and investment
an empirical analysis of integration, instability, and enforcement Gerald A. Epstein
12. Growth, distribution, and the rules of the game
left structuralist macro foundations for a democratic economic policy David Gordon
13. A dual agency approach to state and market Gerald Epstein and Herbert Gintis
14. Escaping the efficiency equity trade-off
productivity-enhancing asset redistributions Samuel Bowles and Herbert Gintis.