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Destabilizing an unstable economy: the erosion of automatic stabilizers

In: Reforming Capitalism for the Common Good

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  • Co-authored by Jeffrey Wenger

Abstract

This chapter explains the importance of built-in economic stabilizers (such as progressive taxes, unemployment insurance, minimum wages, and public income supports) and the risks their erosion poses for the American economy. The chapter also draws on the work of Hyman Minsky to recommend policy action that would shore up the system's stabilizers - and explores why the US economy avoided a more serious downturn at the start of the new millennium despite the weakening of its stabilizers over several decades.

Suggested Citation

  • Co-authored by Jeffrey Wenger, 2022. "Destabilizing an unstable economy: the erosion of automatic stabilizers," Chapters, in: Reforming Capitalism for the Common Good, chapter 16, pages 210-225, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21712_16
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