Balancing theoretical insights with lessons drawn from the experience of many countries, Lindbeck examines employment and unemployment against the background of developed market economies during the past century.
Balancing theoretical insights with lessons drawn from the experience of many countries, Lindbeck examines employment and unemployment against the background of developed market economies during the past century.
Below is a list of the prizewinners during the period 1969 ? 1980 with a description of the works which won them their prizes: (1969) R FRISCH & J TINBERGEN ? for having developed and applied dynamic models for the analysis of economic processes; (1970) P SAMUELSON ? for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science; (1971) S KUZNETS ? for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development; (1972) J R HICKS & K J ARROW ? for their pioneering contributions to general economic equilibrium theory and welfare theory; (1973) W LEONTIEF ? for the development of the input-output method and for its application to important economic problems; (1974) G MYRDAL & F A VON HAYEK ? for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena; (1975) L KANTOROVICH & T KOOPMANS ? for their contributions to the theory of optimum allocation of resources; (1976) M FRIEDMAN ? for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy; (1977) B OHLIN & J MEADE ? for their pathbreaking contribution to the theory of international trade and international capital movements; (1978) H A SIMON ? for his pioneering research into the decision-making process within economic organizations; (1979) T W SCHULTZ & A LEWIS ? for their pioneering research into economic development research with particular consideration of the problems of developing countries; (1980) L R KLEIN ? for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies.
Developing countries, esp. the least developed ones, have more to learn from social policies in Europe during the early 20th cent. than from the elaborate welfare-state arrangements after WW2. In addition to macro-economic growth and stability, the main ambitions must be to fight human deprivation, incl. illiteracy, malnutrition, and poor access to water and sanitation; in some cases, also weak, incompetent, and/or corrupt governments. Informal systems in the fields of transfers and social services must not be destroyed when developing countries embark on more formal systems. The European experience also warns against the creation of social systems that are so generous that disincentives and receding social norms distort the nat. economy.
What lessons does the current economic crisis in Sweden offer for other economies? Written in a clear and precise style and using modern theories of macroeconomics and economic policy to analyze Sweden's serious economic situation, Turning Sweden Around outlines recommendations for change that are both unusual and provocative. Combining economic and political analysis it covers wide-ranging areas and broad structural issues that encompass the necessity for institutional reforms as well as economic change.The plunge in Sweden's economy has taken many by surprise, showing how much more vulnerable Sweden has been to macroeconomic disturbance than previously believed. Since 1990 industrial output has fallen dramatically, total unemployment has grown to 12 percent, the public sector deficit is 13 percent of GDP, and since the country shifted to a floating exchange rate last fall, the krona has depreciated by more than 20 percent.The authors identify the deficiencies of Sweden's economic and political institutions, and suggest remedies that cut across virtually all aspects of economic and political life: product and factor markets, the system of wage formation, the public sector, and central and local government. They show that many of the current problems stem from an unclear division of responsibilities, describing a government that has taken on so many tasks that it is unable to fulfill its core obligations. Three chapters tackle the basic problems in the Swedish economy -- stability, efficiency, and growth -- while a fourth chapter suggests how to change the political system to strengthen democracy.
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