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Ability to Adjust and the Problems of European Market Economies

In: Structural Change, Economic Interdependence and World Development

Author

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  • J. Waelbroeck

    (University of Brussels)

Abstract

This paper discusses the ability of the modern welfare states, particularly in Europe, to adjust to economic shocks. Loss of flexibility is widely perceived to be at the root of the present recession, from which Europe is finding it so difficult to extricate itself. The problem is often presented as though there were single-pronged policies which could increase flexibility without jeopardising other objectives which European states have prized highly. To a certain extent this is true. But it is a delusion to reason as though there were no conflict between objectives, and no need to decide what is the best trade-off between goals which cannot be fully achieved simultaneously.

Suggested Citation

  • J. Waelbroeck, 1987. "Ability to Adjust and the Problems of European Market Economies," International Economic Association Series, in: Luigi Pasinetti & Peter Lloyd (ed.), Structural Change, Economic Interdependence and World Development, chapter 9, pages 109-121, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-18840-6_9
    DOI: 10.1007/978-1-349-18840-6_9
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    Cited by:

    1. Alex Izurieta, 2001. "Can Countries under A Common Currency Conduct Their Own Fiscal Policies?," Macroeconomics 0108008, University Library of Munich, Germany.
    2. Alex Izurieta, 2001. "Can Countries under A Common Currency Conduct Their Own Fiscal Policies?," Economics Working Paper Archive wp_337, Levy Economics Institute.

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