Artikel
A theory of economic policy lock-in and lock-out via hysteresis: Rethinking economists' approach to economic policy
This paper uses hysteresis to develop the concept of policy lock-in and lock-out. Policy changes may near-irrevocably change the economy's structure, thereby changing the distribution of wealth, income and power. That may lock-in policy by changing the political equilibrium. Exit costs that block policy reversals also cause lock-in. Conventional thinking treats policy as a dial which is adjusted according to the economy's state. Policy lock-in questions the dial formulation and raises new issues for optimal policy design. It also offers insights into economic and political crisis theory. Policy lock-in is illustrated with examples that include tax policy, government spending, the euro, globalization, and the neoliberal policy experiment.
- Sprache
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Englisch
- Erschienen in
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Journal: Economics: The Open-Access, Open-Assessment E-Journal ; ISSN: 1864-6042 ; Volume: 11 ; Year: 2017 ; Issue: 2017-18 ; Pages: 1-18 ; Kiel: Kiel Institute for the World Economy (IfW)
- Klassifikation
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Wirtschaft
- Thema
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economic policy
lock-in
hysteresis
globalization
euro
neoliberalism
- Ereignis
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Geistige Schöpfung
- (wer)
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Palley, Thomas
- Ereignis
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Veröffentlichung
- (wer)
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Kiel Institute for the World Economy (IfW)
- (wo)
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Kiel
- (wann)
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2017
- DOI
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doi:10.5018/economics-ejournal.ja.2017-18
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Palley, Thomas
- Kiel Institute for the World Economy (IfW)
Entstanden
- 2017
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