Structure versus Agency in the Great Deprivation of 21st Century
AbstractAgency-based explanations of the great deprivation, contrasted with structure-based explanations, suffer not merely from the criticism of relying on irrational and irresponsible behavior of millions, including that of the most astute financial experts, but are also at a loss to explain why such problems did not arise earlier when the same motivations and behavioral patterns were exhibited, thereby rendering such theories incomplete. Alternatively, if it is argued that such problems did not appear earlier because the economic structure was different then, then again attention must return to an examination of structure, not exclusively place blame on agency failures. (98 words)
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 12497.
Date of creation: 02 Jan 2009
Date of revision:
structure; agency; great deprivation; financial crisis; fiscal policy; monetary policy; skilled labor markets; American economy; involuntary unemployment; voluntary unemployment; education; training; skill acquisition; income distribution; China; India; Germany; Japan;
Find related papers by JEL classification:
- F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
- F01 - International Economics - - General - - - Global Outlook
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-01-10 (All new papers)
- NEP-CWA-2009-01-10 (Central & Western Asia)
- NEP-LAB-2009-01-10 (Labour Economics)
- NEP-MAC-2009-01-10 (Macroeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Reinhart, Carmen & Felton, Andrew, 2008. "The First Global Financial Crisis of the 21st Century," MPRA Paper 11862, University Library of Munich, Germany.
- Peter Neary, 1988. "Tariffs, Quotas, and Voluntary Export Restraints with and without Internationally Mobile Capital," Canadian Journal of Economics, Canadian Economics Association, vol. 21(4), pages 714-35, November.
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