Will Gradualism Work When Shock Therapy Doesn't?
AbstractWhen shock therapy is politically infeasible, will gradualism be feasible? Mussa (1986) conjectured, in the context of a neoclassical model of adjustment, that the answer was "yes". This paper takes up the Mussa conjecture by : (i) building a political economy model in which it makes sense; (ii) stating the relavant political economy constraint rigorously; and (iii) analyzing the question in the context of the model that Mussa had in mind.
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Bibliographic InfoPaper provided by Carleton University, Department of Economics in its series Carleton Economic Papers with number 95-08.
Length: 32 pages
Date of creation: May 1995
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- F11 - International Economics - - Trade - - - Neoclassical Models of Trade
- F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
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