Technical Progress, Global Imbalances and World Economic Recovery Without Inflation.
This paper reviews three problems of the world economy since the collapse of the Bretton Woods system; an unreliable price mechanism, spending imbalances between countries, and increased technological competition. It argues that the third phenomenon is the most fundamental and creates potential global instability. A model, stemming from Hicks's paper 'The Long Run Dollar Problem', is deployed to examine this question. We consider a world of two regions--'Asia' and the 'North'--in which techni...Expand abstract
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