By Robert E. Lane
--David O. Sears, Professor of Psychology and Political technological know-how, UCLA
"Lane's deep wisdom of the resources of human happiness allows him to boost a strong critique of financial theory."
---Robert A. Dahl, Sterling Professor Emeritus of Political technological know-how, Yale University
Robert E. Lane is the Eugene Meyer Professor Emeritus of Political technology at Yale collage. His earlier courses comprise The lack of Happiness in marketplace Democracies (2000) and The industry adventure (1991).
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Additional info for After the End of History: The Curious Fate of American Materialism
Employment again reacted with short lags to fluctuations in economic activity. Labour saving technical economic progress, however, was smaller than in the sixties. Much less growth was "needed" to keep employment 25 from shrinking. Aecording to simple employment funetions (regression of employment on produetion and produetion ehanges) in the eighties a permanent growth rate of 1,4% kept the level of employment stable, compared with 4,7 % in the sixties. 00 ~4oo ... 00 +-t---J-+-+-+--+-+-t-l-+-+-+--+-+-t-l-+-+-+--+-+-t---J-+-+-+--+-+-t-l---j 1964 1970 1973 1976 1981 1987 1979 1982 1985 1988 1991 2 Economic poIicy Eeonomie poliey in Austria by and large followed international trends.
The dramatic price increase of an input of general use appeared both as cost-push inflation and as demand deflation. In order to cope with both problems two different set of instruments were applied. Inflation was to be contained by a restrictive incomes policy supported by the so-called hard currency policy (by tying the AS to the DM). At the same time an expansionary budgetary policy supplemented by an accommodating monetary policy should fill the demand gap caused by the oil price shock until structural changes (energy saving, promotion of exports to OPEC) could become effective.
Economic policy makers and some experts in Austria claimed that the above average macro-economic performance of the Austrian economy, was at least partly the result of an economic strategy labelIed "Austro-Keynesianism"8. In a narrow sense this term describes a specific mix of macroeconomic instruments. In a wider sense it inc1udes the whole set of conditions connected with decision making processes based on co-operation and on consensus rather than on competition of the large groups of the society.