Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/148422
Authors: 
Palley, Thomas I.
Year of Publication: 
2016
Series/Report no.: 
Economics Discussion Papers 2016-50
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: 
http://creativecommons.org/licenses/by/4.0/
Document Type: 
Working Paper

Files in This Item:
File
Size
630.71 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.