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Seven Unsustainable Processes: Medium-Term Prospects and Policies for the United States and the World

In: The Stock-Flow Consistent Approach

Author

Listed:
  • Wynne Godley

Abstract

The US economy has now been expanding for nearly eight years, the budget is in surplus, and inflation and unemployment have both fallen substantially. In February the Council of Economic Advisers (1999) forecast that GDP could grow by 2.0 to 2.4% between now and the year 2005, and this forecast has since been revised upwards (Office of Management and Budget 1999). Many people share the CEA’s optimistic views. For instance, in his New Year message (Financial Times December 29, 1998) Alan Blinder compared the United States’s economy to one of its mighty rivers — it would ‘just keep rolling along’; and President Bill Clinton concluded his Economic Report of the President with the words ‘There are no limits to the world we can create, together, in the century to come.’ This paper takes issue with these optimistic views, although it recognizes that the US economy may well enjoy another good year or two.

Suggested Citation

  • Wynne Godley, 2012. "Seven Unsustainable Processes: Medium-Term Prospects and Policies for the United States and the World," Palgrave Macmillan Books, in: Marc Lavoie & Gennaro Zezza (ed.), The Stock-Flow Consistent Approach, chapter 10, pages 216-254, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-35384-8_11
    DOI: 10.1057/9780230353848_11
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    Cited by:

    1. Emboava Vaz, João, 2024. "Impacts of US interest rates on growth, income distribution, and macroeconomic policy space in developing countries: A SFC supermultiplier model," IPE Working Papers 228/2024, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    2. Severin Reissl & Luca E. Fierro & Francesco Lamperti & Andrea Roventini, 2024. "The DSK-SFC stock-flow consistent agent-based integrated assessment model," LEM Papers Series 2024/09, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    3. Grobys, Klaus, 2023. "A finite-time singularity in the dynamics of the US equity market: Will the US equity market eventually collapse?," International Review of Financial Analysis, Elsevier, vol. 89(C).
    4. Hafner, Sarah & Anger-Kraavi, Annela & Monasterolo, Irene & Jones, Aled, 2020. "Emergence of New Economics Energy Transition Models: A Review," Ecological Economics, Elsevier, vol. 177(C).

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