Policy in crisis

By the end of the 1980s, inflation, high interest rates, and currency and debt crisis were all (theoretically) tied to ‘excessive’ budget deficits (see Fischer 1989). The mainstream political and economic discourse was now firmly geared to budget restraint or sound finance, which did not necessarily imply balanced budgets over the cycle.

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The philosophy of (economic) language

In Language as Symbolic Action (1966), Kenneth Burke suggests a belief system establishes its own vocabulary to present its adherents with a specific reality. Proponents of neo-liberalism, the dominant economic, social and political ideology since the 1970s, have been effective in establishing a vocabulary, particularly in relation to the conduct of fiscal policy.

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New Consensus Macroeconomics: Review and Critique

The New Consensus Macroeconomic (NCM) model is often described as the most successful small formal macroeconomic model to arise from the Lucas critique and econometric criticisms of the earlier approaches. Similar to earlier models, NCM characterises a

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