By Robert A. Levine
The writer combines macroeconomic background because the nice melancholy with a short exposition of financial conception that stems from and explains that heritage, and explores how that have may well follow to the current financial drawback. He warns that we may well back be headed for stagflation and makes feedback for escaping the worst results of the challenge.
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Extra resources for Adjusting to Global Economic Change: The Dangerous Road Ahead
If country A, for example, can produce both wheat and coal but has fertile plains and few coal mines, whereas country B is in the opposite situation, A is better oﬀ producing only wheat and trading some of the wheat for B’s coal. But the theory covers neither the absolute income of countries nor the eﬀects of change in their relative positions. , more capital, labor, and other inputs per ton or bushel) it is still better oﬀ producing whichever it does best and trading, but A will be poorer overall than B.
All classicists and most Keynesians (including Keynes) have been deductive economists. Inductive economists, however, contend that the simpliﬁcations deﬁnitionally inherent in deductive economics, particularly the more intensive use of mathematics, increasingly oversimplify the complexities of the real world. They prefer instead to examine economic history and current events and obtain their insights in that way. I am an economist trained in deduction; I apply my training to policy analysis. My own view is eclectic, valuing both induction and deduction.
My own view is eclectic, valuing both induction and deduction. Induction is necessary to convert deductive theory into something useful to policymakers in the real world. 1 The most important example of such synthesis in this paper concerns Adam Smith’s theory of comparative advantage. Comparative advantage, accepted in its pure form by almost all economists, points out that countries are best oﬀ producing those goods and services they make most eﬃciently compared with other products made in the same country, and trading the less-eﬃcient products for the ones that other countries produce more eﬃciently.