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Books > Business & Economics > Economics > Labour economics
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Economic Policy and the Financial Crisis (Hardcover, New)
Loot Price: R2,991
Discovery Miles 29 910
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Economic Policy and the Financial Crisis (Hardcover, New)
Series: Routledge Frontiers of Political Economy
Expected to ship within 10 - 15 working days
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The consequences of the global economic crisis which started in the
United States in 2007-08 are still being felt in most of the
advanced economies, and the mainstream tools of recovery are not
having the required results. It seems that many of the
after-effects of the crisis, including the instability of the
financial markets, increasing public debts and limited economic
growth, require new solutions from both economic policy and theory.
Lower aggregate demand during the crisis increased the pressure on
firms to be more competitive and at the same time, the crisis in
the banking system has had a negative impact on the willingness of
financial institutions to give credit to companies for investment.
Therefore, the key issue for current economic policy is to find a
balance between the stabilisation of public finance and maintaining
the momentum of long-term growth. This book offers an
evolutionary-developmental analysis, combining elements of
neo-Schumpeterian economics, institutional economics and
post-Keynesian economics, to show that selection processes within
an economy, and the institutional rules shaping those processes,
are substantially more important than usually recognised by
evolutionary economic theory. Two major challenges for economic
theory and policy, in particular, have emerged during the crisis.
The first is the rise of unemployment coupled with growing public
deficits. The second is the financial instability which threatens
the permanence of economic development. This book examines the
performance of the advanced economies since the crisis and explores
why some of them have been more successful in tackling these
challenges than others. It is argued that the reasons for the
varied performances of these economies lie in the economic policies
which were introduced before and in the aftermath of the crisis and
the differences in the regulation of their labour markets. This
volume will be of interest to students and academics in the areas
of macroeconomics, public economics and public management.
General
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