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Full-Text Articles in Social and Behavioral Sciences
China’S Ancient Principles Of Price Regulation Through Market Participation: The Guanzi From A Comparative Perspective, Isabella Weber
China’S Ancient Principles Of Price Regulation Through Market Participation: The Guanzi From A Comparative Perspective, Isabella Weber
Economics Department Working Paper Series
The History of Economic Thought as a field has long taken it as a premise that so far as ancient economic thought is concerned, only the Greeks and Romans are worth studying. This paper introduces the Guanzi as a core text in ancient Chinese economic thought on price stabilization from a comparative perspective with ancient Greek contributions. The Guanzi presents a framework for the empirical analysis of market fluctuations and price movements and derives principles of economic governance from this analysis. In contrast Plato and Aristotle come to the question of price determination from the angle of moral philosophy. They …
A Theory Of Economic Policy Lock-In And Lock-Out Via Hysterisis: Rethinking Economists’ Approach To Economic Policy, Thomas I. Palley
A Theory Of Economic Policy Lock-In And Lock-Out Via Hysterisis: Rethinking Economists’ Approach To Economic Policy, Thomas I. Palley
PERI Working Papers
This paper explores lock-in and lock-out via economic policy. It argues policy decisions may near-irrevocably change the economy’s structure, thereby changing its performance. That causes changed economic outcomes concerning distribution of wealth, income and power, which in turn induces locked-in changes in political outcomes. That is a different way of thinking about policy compared to conventional macroeconomic stabilization theory. The latter treats policy as a dial which is dialed up or down, depending on the economy’s state. Lock-in policy is illustrated by the euro, globalization, and the neoliberal policy experiment.
Wage Flexibility Or Wage Coordination? Economic Policy Implications Of The Wage-Led Demand Regime In The Euro Area, Englebert Stockhammer
Wage Flexibility Or Wage Coordination? Economic Policy Implications Of The Wage-Led Demand Regime In The Euro Area, Englebert Stockhammer
PERI Working Papers
Wage shares have fallen substantially in Europe since the early 1980s. To some extent this is due to a macroeconomic policy package that encourages wage flexibility and wage competition. A system of wage coordination in the Euro area would facility a return to a productivity-oriented wage policy by reducing wage competition. In a recent study on the demand effects of changes in functional income distribution Stockhammer, Onaran und Ederer (2007) find that the Euro area is in a wage-led demand regime. According to their results a reduction of the wage share by 1%-point leads to a reduction of demand by …