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 ...
Thomas Palley considers the following as important: Uncategorized
This could be interesting, too:
Asad Zaman writes Completing the Circle: From GD ’29 to GFC ’07
Mike Kimel writes Baltimore School Test Scores and Baltimore School Spending
Peter Radford writes Taxes: 1970’s Redux?
David F. Ruccio writes Where has all the surplus gone?