Download A Political Economy of Lebanon, 1948-2002: The Limits of by Toufic Gaspard PDF

By Toufic Gaspard

This paintings assesses Lebanon's improvement adventure in the course of 1948-2002, a case learn of laissez-faire functionality over greater than 50 years. The textual content analyzes the robust financial obstacle of the mid-1980s and the reconstruction coverage that produced vulnerable progress and excessive executive indebtedness.

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Additional info for A Political Economy of Lebanon, 1948-2002: The Limits of Laissez-Faire (Social, Economic and Political Studies of the Middle East and Asia)

Sample text

Rather, the analysis is carried out in the domain of the possibility of constructing a logical theory of value, which is formulated in the context of a surplus-producing capitalist economy. His analysis has simply cleared the way for further logical and relevant analysis. We can now summarize the basic elements of Post-Keynesianism; these are not mutually exclusive. 1. Uncertainty is an irreducible fact of life. Uncertainty is not an individualistic attitude towards the future that can be reduced to quantifiable probability distributions, as in NC theory.

The essentials of PK theory proper are then presented. A brief section follows on the policy implications of PK theory, particularly in an LDC context. The Post-Keynesian critique The First Fundamental Theorem of welfare economics really is about the possibility, not actuality, of Pareto optimality. This is because of the very restrictive conditions for its applicability, including competitive and complete markets, no increasing returns, etc. Moving to the domain of actuality, “one cannot invoke the classical theory of the invisible hand in dealing with economies in which agents have market power”, and “externalities are implicit in any departure from perfect competition”.

Equilibrium theorizing is “. . 37 The issue, however, is whether the adopted definition makes the analysis appropriate for answering relevant or interesting questions. As noted above, NC theory has increasingly reverted to short-period “local” equilibrium analysis. As such, its method may have become less suitable for long-run secular analysis, which is the traditional context of growth analysis. But even if NC analysis is applicable to long-run problems, it still is based on a comparative-statics approach where little is known, or even claimed to be known, of what happens in between equilibrium situations.

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