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PSST: Patterns of Sustainable Specialization and Trade

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  • Kling Arnold

Abstract

This 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.

Suggested Citation

  • Kling Arnold, 2011. "PSST: Patterns of Sustainable Specialization and Trade," Capitalism and Society, De Gruyter, vol. 6(2), pages 1-20, December.
  • Handle: RePEc:bpj:capsoc:v:6:y:2011:i:2:n:2
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    References listed on IDEAS

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    1. Abraham, Katharine G & Katz, Lawrence F, 1986. "Cyclical Unemployment: Sectoral Shifts or Aggregate Disturbances?," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 507-522, June.
    2. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-894, October.
    3. Pissarides, Christopher A, 1985. "Short-run Equilibrium Dynamics of Unemployment Vacancies, and Real Wages," American Economic Review, American Economic Association, vol. 75(4), pages 676-690, September.
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    Cited by:

    1. 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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