Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Alternative Theories of Output, Unemployment, and Inflation in Germany: 1960-1985

Alternative Theories of Output, Unemployment, and Inflation in Germany: 1960-1985

Sauer, Christine

Paperback

Series: Lecture Notes in Economic and Mathematical Systems, Book 326

EconomicsGeneral Gardening

ISBN10: 3540509089
ISBN13: 9783540509080
Publisher: Springer Nature
Published: Mar 8 1989
Pages: 206
Weight: 0.81
Height: 0.48 Width: 6.69 Depth: 9.61
Language: English
by Jerome L. Stein Disenchantment with Keynesian econollics developed during the post-1968 period when the rate of growth of output declined, the rate of unemployment rose, and the rate of inflation increased in the U.S. and in other countries. This paradox, called stagflation, was inconsistent with the tenet of Keynesian economics that cyclical movemants in prices and output relative to their respective trends are positively correlated. A search occurred for a more satisfactory theory of macroeconomics which could explain the paradox of stagflation and the observed economic phenomena. The New Classical Economics (NCE) developed as the total rejection of Keynesian economics. The Keynesians claimed that their demand management policies contributed to the obsolescence of the business cycle and successfully eliminated the gap between full employment (potential) output and actusl output. The NCE argued just the opposite: the unemplo nt rate or growth rate of real output is insensitive to systematic demand management policies [Lucas; Sargent and Wallace].

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