- Links for 07-05-15
- 'Professor Hubbard’s Claim about Wage and Compensation Stagnation Is Not True'
- 'Stability of a Market Economy'
Posted: 05 Jul 2015 12:06 AM PDT
Posted: 04 Jul 2015 09:41 AM PDT
Posted: 04 Jul 2015 09:35 AM PDT
"The macroeconomy is inherently unstable and ... booms and busts arise endogenously as the results of market incentives":
Stability of a market economy, by Paul Beaudry, Dana Galizia, and Franck Portier, Vox EU: There are two polar views about the functioning of a market economy.
Figure 1. Long-run evolution of GDP per capita
Source: Bolt and van Zanden (2014).
Figure 2. Unemployment rates
Source: FRED, Federal Reserve Bank of St. Louis.
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