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Diversity, Globalisation and Market Stability

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Author Info

  • Laurence Lasselle
  • Serge Svizzero

    (RĂ©union)

  • Clem Tisdell

    (Queensland)

Abstract

Globalisation has become extremely intense since the earlier seventies. Given that the world economy is getting dose to a single market, a more efficient outcome via globalisation can be expected. However, globalisation may also have negative effects. We illustrate our findings through a simple cobweb model where we analyse different shape and slope of the aggregate supply curve. We show that when globalisation is too intensive, it leads to more instability on markets because of a reduction of behavioural diversity. The economic literature indicates that this diversity can be necessary for market stability as well as for macro-economic stability. We demonstrate that as a result of globalisation, the goals or motivations of economic agents may become more uniform (more profit-oriented) and generate market instability.

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Bibliographic Info

Paper provided by Department of Economics, University of St. Andrews in its series Discussion Paper Series, Department of Economics with number 200101.

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Date of creation: 15 Dec 2001
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Handle: RePEc:san:wpecon:0101

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Keywords: Globalisation; Heterogeneity of Behaviour; Instability;

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Cited by:
  1. Tisdell, Clement A. & Alauddin, Mohammad, 2002. "Market-Oriented Reforms in Bangladesh and their Impact on Poverty?," Economic Theory, Applications and Issues Working Papers 90521, University of Queensland, School of Economics.
  2. Tisdell, Clem & Seidl, Irmi, 2004. "Niches and economic competition: implications for economic efficiency, growth and diversity," Structural Change and Economic Dynamics, Elsevier, vol. 15(2), pages 119-135, June.
  3. Tisdell, Clement A., 2003. "Economic Competition and Evolution: Are there Lessons from Ecology?," Economic Theory, Applications and Issues Working Papers 90526, University of Queensland, School of Economics.
  4. Laurence Lasselle & Serge Svizzero & Clem Tisdell, 2001. "Heterogeneous Beliefs and Instability," Discussion Paper Series, Department of Economics 200111, Department of Economics, University of St. Andrews.
  5. Tisdell, Clement A. & Svizzero, Serge, 2003. "Globalization, Social Welfare and Labor Market Inequalities," Economic Theory, Applications and Issues Working Papers 90525, University of Queensland, School of Economics.

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