By Robert A. Levine

ISBN-10: 0833046527

ISBN-13: 9780833046529

The writer combines macroeconomic historical past because the nice melancholy with a quick exposition of financial idea that stems from and explains that historical past, and explores how that have could observe to the current fiscal obstacle. He warns that we may perhaps back be headed for stagflation and makes feedback for escaping the worst results of the hindrance.

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Extra resources for Adjusting to Global Economic Change: The Dangerous Road Ahead

Example text

I am an economist trained in deduction; I apply my training to policy analysis. My own view is eclectic, valuing both induction and deduction. Induction is necessary to convert deductive theory into something useful to policymakers in the real world. 1 The most important example of such synthesis in this paper concerns Adam Smith’s theory of comparative advantage. Comparative advantage, accepted in its pure form by almost all economists, points out that countries are best off producing those goods and services they make most efficiently compared with other products made in the same country, and trading the less-efficient products for the ones that other countries produce more efficiently.

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.

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. 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.

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Adjusting to Global Economic Change: The Dangerous Road Ahead by Robert A. Levine


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