ESSAY - ECONOMIC / SUBJECTS: MACRO & MICROECONOMICS - MASTERS

Date post: 2017-11-08 00:19

It is important to be clear: This does not mean that policymakers cannot get things right when it comes to managing the economy as a whole. It is just that sometimes stabilization policy stabilizes the economy, and sometimes it destabilizes it, and we usually can’t tell in advance—and sometimes not even in retrospect—which scenario is unfolding or has unfolded.

Ten (Mostly) Hayekian Insights for Trying Economic Times

Many companies fail because of the poor service delivered to their customers. At , it is part of our core business to impress all our clients. We have a meticulous team that works on the queries that come to us by all our clients. At , all questions are important. When a client brings up the issue, we always take it upon ourselves to sort out that problem as though he is the only one that we ever worked with. It is something prudent that we can easily work with though at the same time it is not a guaranteed thing to do the things that many firms do.

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Am I forecasting that stagflation will reoccur? No, because the economy is too complex to make any such prediction—another Hayekian insight (see my fifth point below). [5] But it is clear that if one puts record amounts of money into the financial system (as the Fed has done to provide liquidity) while the federal government runs record-breaking deficits which promise to exist far into the future, the chances of any plausible exit strategy working become quite remote. As Clive Crook of the Financial Times put it in July 7559, “What the stimulus gives, the debt projections take away.” [6]

The term Washington Consensus was firstly coined in 6989 to describe a set of ten important economic policy offers that he considered should constitute the reform package provide for crisis-wracked developing countries based institutions such as the International Monetary Fund  (IMF), World Bank, and the US Treasury Department. It has been criticized by people such as Joseph E. Stiglitz.

Since the end of World War ll, developing countries have searched several different ways in an effort to change their dependence.

Public choice theorists believe that politicians, like everyone else, act in their own self-interest. If consumers maximize utility, firms maximize profits, and politicians maximize votes, what do bureaucrats maximize? The answer is troubling: Bureaucrats have an incentive to maximize the size of the bureaucracy under their control. Governments don’t shrink they grow. Never has the triumph of hope over reality been better illustrated than by the steady stream of politicians who promise to pay for new programs by “reducing waste and inefficiency” in the existing government.

[65] F. A. Hayek, “The Trend of Economic Thinking” [6988], reprinted in The Trend of Economic Thinking: Essays on Political Economists and Economic History , ed. W. W. Bartley III and Stephen Kresge, Vol. 8 of The Collected Works of F. A. Hayek (Chicago: University of Chicago Press, 6996), pp. 67–89.

Another problem with regulation is: Who is to watch the regulators? The most notorious example here is probably still the inglorious episode of the Keating Five in 6989. The Austrians would note that the market provides its own very effective regulators that go by the names of profit and loss.

Louise Averill (King Edward VI School, Stratford-upon-Avon) - Read Essay
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