Will Gradualism Work When Shock Therapy Doesn't?
When shock therapy is politically infeasible, will gradualism be feasible? Mussa (1986) conjectured, in the context of a neoclassical model of adjustment, that the answer was "yes". This paper takes up the Mussa conjecture by : (i) building a political economy model in which it makes sense; (ii) stating the relavant political economy constraint rigorously; and (iii) analyzing the question in the context of the model that Mussa had in mind.
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