Economics in a Changing World: Volume 5 Economic Growth and by Jean-Paul Fituossi

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By Jean-Paul Fituossi

Growth styles have replaced considerably during the last 20 years, to which capital and the labour markets seem to have did not adapt. Unemployment in Europe has been growing to be, nearly with no remission, to degrees unseen because the nice melancholy. those proof are just a little at odds with the improvement of development idea which has frequently been oriented in the direction of an equilibrium complete employment framework. the most message of equilibrium idea of fluctuations was once accurately that the coverage maker is impotent. Now, with the common attractiveness of endogenous progress thought, the typical concensus proposition will be `we are all neo-classical for the quick run and Keynesian for the longer term' (investment being too vital for progress to be left completely in deepest hands).

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In theory, in a flexible exchange rate system, each country could pursue an autonomous monetary policy, but in reality some countries are more autonomous than others, namely those of a size sufficient to affect the world real interest rate, while at the same time partially isolating them from disequilibria coming from the rest of the world: such countries are by a sheer effect of size less open than other countries. This asymmetry may lead to lasting real exchange rate disequilibria (overvaluation of some currencies and undervaluation of others).

In particular, in their rush to emulate the West - and especially the 22 Growth and Institutions United States - these countries seem to have all but forgotten a quite appropriate economic model developed in Japan, a model which not only works well but requires a less violent transition from socialism. In this alternative model labour, not capital, is in the driver's seat, pay is egalitarian, and firms may not maximize profits. Markets for labour, capital, and intermediate goods are built around enduring long-term relationships rather than dominated by price.

Oded Stark, in his essay 'Some New Thoughts on Migration and Development' (Chapter 12), offers two main insights on this question. First, variables which are typically considered exogenous in the study of migration may not, after all, be the result of forces which are completely extraneous to the phenomena described; second, characteristics of the market environment and trade technology play a role in explaining why migrants fare as they do. If young people in rural areas of developing countries who are considering migration realize that their success as migrants positively depends on their level of education, they will acquire more schooling.

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