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Technical Progress, Global Imbalances and World Economic Recovery Without Inflation.

Abstract:

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...

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Authors


David Vines More by this author
Volume:
264
Publication date:
1988
URN:
uuid:79392358-1124-4f29-b2b1-52b78c81d6a3
Local pid:
oai:economics.ouls.ox.ac.uk:11659
Language:
English

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