PSST: Patterns of Sustainable Specialization and Trade
AbstractThis essay offers an alternative way to look at macroeconomics. The current standard approach uses aggregate supply and aggregate demand (AS-AD). I call the alternative approach "patterns of sustainable specialization and trade" (PSST). The PSST approach combines many old and new strands in economics. It suggests that the economy is a highly complex system that is constantly adapting to new circumstances, especially opportunities created by technological innovation. We can view employment fluctuations as a reflection of the difficulty that markets sometimes have in making the necessary adjustments, so that for a period of time some workers have extremely low marginal revenue product and as a result become unemployed.
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Bibliographic InfoArticle provided by De Gruyter in its journal Capitalism and Society.
Volume (Year): 6 (2011)
Issue (Month): 2 (December)
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Web page: http://www.degruyter.com
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- Juan David Robalino & Henrik Jeldtoft Jensen, 2012. "Entangled Economy: an ecosystems approach to modeling systemic level dynamics," Papers 1207.6091, arXiv.org.
- Robalino, Juan David & Jensen, Henrik Jeldtoft, 2013. "Entangled economy: An ecosystems approach to modeling systemic level dynamics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(4), pages 773-784.
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