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Destabilizing an Unstable Economy

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  • Charles Whalen
  • Jeffrey Wenger

Abstract

One reason the U.S. economy has enjoyed more stability in the post-World War II era is its automatic stabilizers. Markets on their own do not adjust rapidly or without undue pain. The authors, like their mentor on this issue, the late Hyman Minsky, argue that they may indeed collapse into a sustained period of high unemployment. But in recent decades, the nation has let automatic stabilizers erode. The authors present both theory and practice, and call for a strengthening of these automatic stabilizers again.

Suggested Citation

  • Charles Whalen & Jeffrey Wenger, 2002. "Destabilizing an Unstable Economy," Challenge, Taylor & Francis Journals, vol. 45(6), pages 70-92.
    • Handle: RePEc:mes:challe:v:45:y:2002:i:6:p:70-92
    DOI: 10.1080/05775132.2002.11034179
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    Cited by:

    1. Charles J. Whalen, 2020. "Post-Keynesian institutionalism: past, present, and future," Evolutionary and Institutional Economics Review, Springer, vol. 17(1), pages 71-92, January.
    2. David A. Zalewski & Charles J. Whalen, 2011. "Towards a more rapid recovery: incorporating subsidiarity into macroeconomic policy," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 5, pages 93-113, Edward Elgar Publishing.

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