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Fundamental, or Structural, Disequilibria

In: National Management of the International Economy

Author

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  • M. Panić

    (Selwyn College)

Abstract

The most important difference between the short-term economic disturbances analysed in the previous chapter and fundamental, or structural, disequilibria is that in the former the underlying conditions and behaviour of economic agents remain unchanged, so that the analysis is concerned entirely with movements along the balance of payments-output and the inflation-output (employment) curves. In contrast, structural disequilibria represent shifts either in these curves or in the rate of growth of the productive potential — all caused by fundamental changes in underlying economic conditions and behaviour.

Suggested Citation

  • M. Panić, 1988. "Fundamental, or Structural, Disequilibria," Palgrave Macmillan Books, in: National Management of the International Economy, chapter 5, pages 85-100, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07129-6_5
    DOI: 10.1007/978-1-349-07129-6_5
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