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Are recessions inevitable?

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  • James Mirrlees

Abstract

Using historical data for the US, it is shown that, in the long run, growth is remarkably predictable. Recessions have many different causes. It is argued that the present recession is the result of the conjunction of several economic actions and features, particularly faulty policy response to increased commodity prices and bad incentives for lenders in financial institutions created by the marketed derivatives. Arguments for using fiscal stimulus to counteract recession are rehearsed. Reasons why these policies were not fully effective are offered, and the prospects for future prevention are assessed.

Suggested Citation

  • James Mirrlees, 2010. "Are recessions inevitable?," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 15(4), pages 341-348.
  • Handle: RePEc:taf:rjapxx:v:15:y:2010:i:4:p:341-348
    DOI: 10.1080/13547860.2010.516148
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