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Recursive Collective Actions Problems: The Structure Of Procyclicality In Financial And Monetary Markets, Macroeconomies And Formally Similar Contexts, Robert C. Hockett
Recursive Collective Actions Problems: The Structure Of Procyclicality In Financial And Monetary Markets, Macroeconomies And Formally Similar Contexts, Robert C. Hockett
Cornell Law Faculty Publications
The hallmark of a collective action problem is its aggregating multiple individually rational decisions into a collectively irrational outcome. Arms races, “commons tragedies” and “prisoners’ dilemmas” are well-known, indeed well-worn examples. What seem to be less widely appreciated are two complementary propositions: first, that some collective action problems bear iterative, self-exacerbating structures that render them particularly destructive; and second, that some of the most formidable challenges faced by economies, societies, and polities are iteratively self-worsening problems of precisely this sort. Financial markets, monetary systems and macroeconomies in particular are rife with them – as are other complex systems subject to …
The Way Forward: Moving From The Post-Bubble, Post-Bust Economy To Renewed Growth And Competitiveness, Daniel Alpert, Robert C. Hockett, Nouriel Roubini
The Way Forward: Moving From The Post-Bubble, Post-Bust Economy To Renewed Growth And Competitiveness, Daniel Alpert, Robert C. Hockett, Nouriel Roubini
Cornell Law Faculty Publications
We argue that the U.S. economy is presently mired in a particularly tenacious, Fisher-style debt-deflation rooted in long term secular trends in the domestic and global economies. Global productive capacity has steadily outpaced global absorptive capacity for several decades now, and the latter will not catch up with the former for a good many years to come -- if ever. In order to avert long-term Japanese-style stagnation at home and quite possibly slowdown and slump worldwide, the U.S. will have both (a) to eliminate private sector debt-overhang from 'both sides' of the same, and (b) to act in concert with …