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The instability of market economies

Portier, F; (2018) The instability of market economies. Revue de l'OFCE , 157 (3) pp. 225-233. Green open access

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The modern approach to macroeconomic fluctuations considers that the economy is fundamentally stable, and fluctuates around a stationary state because of exogenous shocks. This article presents some thoughts and avenues of research for a different approach in which the decentralised market economy may prove to be fundamentally unstable and thus fluctuates both endogenously and exogenously. This has implications for the conduct of macroeconomic stabilisation policies.

Type: Article
Title: The instability of market economies
Open access status: An open access version is available from UCL Discovery
Publisher version: https://www.ofce.sciences-po.fr/publications/srevu...
Language: English
Additional information: This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions.
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/10071930
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