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Zyklus und Politik: Zu den Ursachen der wirtschaftlichen Stagnation
Credit and Capital Markets – Kredit und Kapital, Vol. 16 (1983), Iss. 1 : pp. 1–15
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Kloten, Norbert
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Abstract
Cycle and Policy: About the Reasons of the Economic Stagnation
The paper deals with actual problems of the market system in industrial countries with a special reference to the formation of expectations of private economic agents and their influence on overall economic activity, specifically on the propensity to invest. Two hypotheses about the formation of expectations and their empirical evidence are evaluated. Statistical facts support the view that to some extent expectations are guided by estimates of the efficiency of economic policy. Thus the defects of economic policy in the seventies offer a plausible explanation why private economic behaviour has changed and is less stabilizing than in previous periods.