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No Growth, No Fluctuations

In: Arrow and the Foundations of the Theory of Economic Policy

Author

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  • Hukukane Nikaido

Abstract

Arrow (1981, p. 140) quite rightly argues: The view that only real magnitudes matter can be defended only if it is assumed that the labor market (and all other markets) always clear — that is, that all unemployment is essentially voluntary … The view that only real magnitudes matter, even over the short periods of the business cycle, can only be defended on this extreme view of smoothly working labor markets. If the contrary view is held, that actual unemployment is to a considerable extent involuntary, then monetary magnitudes retain some of their traditional importance for the analysis of and policy toward short-term economic fluctuations.

Suggested Citation

  • Hukukane Nikaido, 1987. "No Growth, No Fluctuations," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Arrow and the Foundations of the Theory of Economic Policy, chapter 16, pages 421-445, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07357-3_17
    DOI: 10.1007/978-1-349-07357-3_17
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