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From stagflation to depression

Textual materials

KeywordsTriple Keywords
Flow (Psychology)
Concentration (Psychology)
Law of supply and demand
Demand and supply
Supply and demand
Industrial production
Economic policy
Economic nationalism
State planning
National planning
Economic planning
Person (Philosophy)
Agent (Philosophy)
Agency (Philosophy)
Employment (Economic theory)


The relative success of the fight against inflation and excessive attention over the short period tend to mask trend developments in developed economies. The political consensus on the idea of restoring the “big balances” means that the reasons for the continuing rise in unemployment in Europe — a fundamental problem, if any — are not discussed. In our interpretation — Kenesian, since only this theory deals with involuntary unemployment — economic developments over the last 15 years are cumulative and self-sustaining. The overall and structural imbalances resulting from different shocks — of which the dual nature of supply and demand shocks has not always been perceived — overlap and aggravate each other in a chain of downward quantitative adjustments, which initially produces stagflation and then depression. The non-cooperative behaviour of private and public officials reinforces these trends. In times of buoyant demand in their markets, coalitions of offerors fuel inflation through price overindexation. The almost general reversal, following the second oil shock, of economic policy priorities, leading to disinflation through declining demand, gives international economic relations a non-cooperative nature of competition through depression. Only reaffirming the primacy of growth and employment objectives would allow the international coordination of expansion macroeconomic policies, which is necessary to reverse these perverse links.

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