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The Instability of Market Economies

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  • Franck Portier

Abstract

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.

Suggested Citation

  • Franck Portier, 2018. "The Instability of Market Economies," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 225-233.
    • Handle: RePEc:cai:reofsp:reof_157_0225
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