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01-09 "Macroeconomic Policy and Sustainability"

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  • Jonathan M. Harris

Abstract

The trend in mainstream economic thought about macroeconomic policy has been towards minimalism. In the optimistic Keynesian phase of the 1960's, it was assumed that both fiscal and monetary policy were effective tools for macroeconomic management. But the influence of monetarist and New Classical critiques has led to a gradual erosion of theoretical support for activist government policy. First fiscal policy fell by the wayside, perceived as too slow and possibly counterproductive in its impacts. Then New Classical and rational expectations critiques suggested that even monetary policy was ineffective. Thus the role of government policy has been reduced to a cautious effort not to make things worse B in effect a return to an economics of laissez-faire.

Suggested Citation

  • Jonathan M. Harris, "undated". "01-09 "Macroeconomic Policy and Sustainability"," GDAE Working Papers 01-09, GDAE, Tufts University.
  • Handle: RePEc:dae:daepap:01-09
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    File URL: http://ase.tufts.edu/gdae/publications/Working_Papers/macroandsust.pdf
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    References listed on IDEAS

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    1. Krugman, Paul, 2000. "Thinking About the Liquidity Trap," Journal of the Japanese and International Economies, Elsevier, vol. 14(4), pages 221-237, December.
    2. Streeten, Paul, 1991. "Global prospects in an interdependent world," World Development, Elsevier, vol. 19(1), pages 123-133, January.
    3. Joseph E. Stiglitz, 1999. "Reforming the Global Economic Architecture: Lessons from Recent Crises," Journal of Finance, American Finance Association, vol. 54(4), pages 1508-1522, August.
    4. Stiglitz, Joseph E, 1999. "Responding to Economic Crises: Policy Alternatives for Equitable Recovery and Development," Manchester School, University of Manchester, vol. 67(5), pages 409-427, Special I.
    5. M. Harris, Jonathan, 1991. "Global institutions and ecological crisis," World Development, Elsevier, vol. 19(1), pages 111-122, January.
    6. J. Stiglitz, 1998. "More Instruments and Broader Goals: Moving toward the PostWashington Consensus," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
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    Cited by:

    1. Armon Rezai & Sigrid Stagl, 2016. "Ecological Macreconomics: Introduction and Review," Ecological Economics Papers ieep9, Institute of Ecological Economics.
    2. Julie A. Nelson, "undated". "04-03 "Is Economics a Natural Science?"," GDAE Working Papers 04-03, GDAE, Tufts University.
    3. Julie A. Nelson, "undated". "03-11 "Clocks, Creation, and Clarity: Insights on Ethics and Economics from a Feminist Perspective"," GDAE Working Papers 03-11, GDAE, Tufts University.
    4. Francisco Aguayo & Kevin P. Gallagher, "undated". "03-05 "Economic Reform, Energy, and Development: The Case of Mexican Manufacturing"," GDAE Working Papers 03-05, GDAE, Tufts University.
    5. Timothy A. Wise, "undated". "05-02 "Understanding the Farm Problem: Six Common Errors in Presenting Farm Statistics"," GDAE Working Papers 05-02, GDAE, Tufts University.
    6. Atkinson, Robert D. & Hackler, Darrene, 2010. "Economic Doctrines and Approaches to Climate Change Policy," MPRA Paper 29718, University Library of Munich, Germany.
    7. Ismail Erol & Nigar Cakar & Derya Erel & Ramazan Sari, 2009. "Sustainability in the Turkish retailing industry," Sustainable Development, John Wiley & Sons, Ltd., vol. 17(1), pages 49-67.
    8. Julie A. Nelson, 2011. "11-02 "Ethics and the Economist: What Climate Change Demands of Us"," GDAE Working Papers 11-02, GDAE, Tufts University.
    9. Rezai, Armon & Stagl, Sigrid, 2016. "Ecological Macreconomics: Introduction and Review," Ecological Economic Papers 4803, WU Vienna University of Economics and Business.
    10. Julie A. Nelson, "undated". "04-01 "Beyond Small-Is-Beautiful: A Buddhist and Feminist Analysis of Ethics and Business"," GDAE Working Papers 04-01, GDAE, Tufts University.

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