Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/148422 
Year of Publication: 
2016
Series/Report no.: 
Economics Discussion Papers No. 2016-50
Publisher: 
Kiel Institute for the World Economy (IfW), Kiel
Abstract: 
This paper explores lock-in and lock-out via economic policy. It argues policy decisions may near-irrevocably change the economy's structure, thereby changing its performance. That causes changed economic outcomes concerning distribution of wealth, income and power, which in turn induces locked-in changes in political outcomes. That is a different way of thinking about policy compared to conventional macroeconomic stabilization theory. The latter treats policy as a dial which is dialed up or down, depending on the economy's state. Lock-in policy is illustrated by the euro, globalization, and the neoliberal policy experiment.
Subjects: 
economic policy
lock-in
hysteresis
globalization
euro
neoliberalism
JEL: 
D7
E6
F5
H3
L5
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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