Affiliation:
1. University of Massachusetts Amherst, Amherst, MA, USA
Abstract
Macroeconomics has been constrained by assumptions that the economy tends toward full employment, and longterm growth depends on exogenous factors, productivity, and labor force growth. This discounts effects of demand on the labor force participation and immigration, and on investment and productivity growth. Expansionary fiscal policy and greater effective demand could induce reverse (or benevolent) hysteresis where capacity grows faster with higher employment, investment, and productivity.
Subject
Economics and Econometrics,Philosophy
Cited by
1 articles.
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