By Robert A. Levine
The writer combines macroeconomic historical past because the nice melancholy with a short exposition of financial conception that stems from and explains that heritage, and explores how that have might observe to the current financial trouble. He warns that we may possibly back be headed for stagflation and makes feedback for escaping the worst results of the obstacle.
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Additional info for Adjusting to Global Economic Change: The Dangerous Road Ahead
China, for example, used to export low-cost agricultural goods and textiles and import heavy manufactured goods from the developed world. That is changing: Now China produces and is beginning to export automobiles, and the comparative advantage of the United States and some of the rest of the developed world is increasingly in high-tech goods and services. But it is diﬃcult for unemployed autoworkers—or their children who expected to make a good living on the assembly line—to convert to becoming software engineers.
The deductive theory is brilliant and it works, but it does not work for everything. Observation of, and data from, the real world are necessary to convert the theory to policy. This paper reads inductively so that it can be followed by noneconomists. It is intended to synthesize classical economics and the deductive theories of Keynes and others, and to apply them to observations of the real economies of the United States and the rest of the world, in order to explain the history of the past 70 years and project future possibilities.
Levine, “Economists’ Contributions to Public Policy Planning,” in Proceedings of the International Conference on Public Policy Planning, Taipei: Research Development and Evaluation Commission, October 1989. 24 Adjusting to Global Economic Change: The Dangerous Road Ahead shift. But until wheat farmers can convert to becoming coal miners—which may be take a long time—A is going to have economic, political, and social diﬃculties. In the real-world histories and projections of this paper, China and India and others are beginning to produce goods and services with a diﬀerent mix of eﬃciency than had been the case.
Adjusting to Global Economic Change: The Dangerous Road Ahead by Robert A. Levine