Lessons from the corporatist crisis in some Asian nations

Journal of Policy Modeling

Volumn 21, Issue 3, 1999, Pages 331-339

  Phelps, Edmund S ^a  

^a Och Spine at New York Presbyterian Hospitals   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 37849189433     PISSN: 01618938     EISSN: None     Source Type: Journal    
DOI: 10.1016/s0161-8938(99)00006-x     Document Type: Article

References (8)

1. After the early work of Fisher (1909), Hayek (1926), Ramsey (1928), and Hotelling (1930s), there was a wave of heterogeneous-capital-goods models by Samuelson and Solow (1956), Malinvaud (1950s), McKenzie (1960s), and others.
2. This goes back to von Mises (1926). The inessentiality of money to the argument was later emphasized by Hayek (1939).
3. The Economist, January 1998.
4. This is in the spirit of the models in Phelps, Structural Slumps (1994).
5. Perhaps Hayek might be cited here. On the factor of asset diversification see Phelps (1994).
6. The banks' balance sheets and firms' creditworthiness have been a focus of Stiglitz since the mid-1980s. A new paper by Aghion and collaborators (1998) rests the slump on the latter factor.
7. This camp includes, among economists, Dani Rodrick and Jeffrey Sachs and among noneconomists, Robert Samuelson and George Soros.
8. Fitoussi and I stressed this thesis years ago (1986, 1988) and portions of my book Structural Slumps (1994) recast the argument in terms of purely nonmonetary models of the equilibrium unemployment rate path.