Macroeconomic Policy CL Marin by Marin

By Marin

In the course of the postwar period there has been a vast consensus in regards to the goals and capability of macroeconomic coverage. The Keynesian method was once predicated at the trust that it was once attainable and fascinating to regulate the degrees of mixture call for and unemployment. The stagflation of the Seventies indicated that macroeconomic coverage ought now not be so formidable, and gave credibility to a macroeconomic college that encouraged a extra restricted function for presidency: the monetarists. "Macroeconomic coverage" examines the principal tenets of either Keynesian and Monetarist colleges. the writer starts by way of interpreting the goals of macroeconomic coverage: low unemployment, low inflation, excessive degrees of output and excessive premiums of progress. In perform those objectives have interaction and guidelines which advertise one are usually damaging to a different. in addition to studying how the various faculties deal with the trade-off among objectives, Alan Marin additionally considers their unique perspective to markets, how they deal with options of the fast and long term and their varied notions of uncertainty.

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This view is obviously related to the Keynesian/ Monetarist disagreement of the previous section over the rigidity of wages. 8 Those Keynesians who are prepared to argue about the voluntariness of unemployment within this particular context make various replies. One is to assert that within a modern industrialised economy such sectors, where the possibility of finding a low wage job still exists, are of trivial importance. During periods of mass unemployment, they could not absorb all of the unemployed, even if all the unemployed were prepared to work in such sectors.

If wages are flexible, and there DEFICIENCIES IN THE KEYNESIAN EXPLANATION 41 is unemployment, wages will be falling and this situation is not an equilibrium one. The answer to the second question is not as simple. As explained in the previous section, even if wages are flexible downwards this does not imply that they should be relied on to solve unemployment. It is tautologically correct that there cannot be equilibrium unemployment with flexible wages, but there might be continuing disequilibrium unemployment.

As we have seen, those Keynesians who do accept the need to cut real wages feel that it is more sensible to attempt to do this by policies which will lead to a rise in prices, while money wages remain unchanged. Finally in this section, although it takes us beyond the debates discussed in this chapter and touches on the material more fully dealt with in the next, we might also note that there is no Keynesian consensus over whether unemployment during periods of ongoing inflation would on its own lead to money wages rising less fast than prices are rising, thereby cutting real wages.

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