TITLE

How the Economy Came to Resemble the Model

AUTHOR(S)
Blinder, Alan S.
PUB. DATE
January 2000
SOURCE
Business Economics;Jan2000, Vol. 35 Issue 1, p16
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Over the years, economists have spent much effort to modify the capitalist, perfect-competition, profit-maximizing model of classical microeconomics to fit reality. Thus, it is ironic that in recent times reality has been approaching the classical model. This is due only in part to the persuasive talents of economists, and not all of this change is necessarily an improvement. Among the factors contributing to the reversion to the classical model are the failure of socialism, alignment of managerial and shareholder interests, focus on shareholder value, decline of labor union power, changes in financial markets, global competition, and changes in regulatory practices.
ACCESSION #
2988774

 

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics