{"id":7091,"date":"2010-11-02T00:01:03","date_gmt":"2010-11-01T14:01:03","guid":{"rendered":"http:\/\/maddruid.com\/?p=7091"},"modified":"2010-11-01T20:33:20","modified_gmt":"2010-11-01T10:33:20","slug":"2270-of-long-run-growth-versus-business-cycle","status":"publish","type":"post","link":"https:\/\/maddruid.com\/?p=7091","title":{"rendered":"[2270] Of long run growth versus business cycle"},"content":{"rendered":"<blockquote><p>For some economists, such as Prescott (1996), the renewed interest in growth over the last 20 years stems from their belief that business cycle fluctuations \u201d\u02dcare not costly to society\u2019 and that it is more important for economists to worry about \u201d\u02dcincreasing the rate of increase in economy-wide productivity and not smoothing business fluctuations\u2019. This position has been publicly expressed earlier by Lucas in May 1985 when delivering his Yrjo Jahnsson lectures. There he argued that post-1945 economic stability had been a relatively \u201d\u02dcminor problem\u2019 especially in comparison \u201d\u02dcto the costs of modestly reduced rates of growth\u2019 (Lucas, 1987). More recently, Lucas (2003) has repeated this message using US performance over the last 50 years as a benchmark. Lucas argued that \u201d\u02dcthe potential for welfare gains from better long-run, supply-side policies exceeds by far the potential from further improvements in short-run demand management\u2019. [Brian Snowdon. Howard R. Vane. Page 33. <em>Modern Macroeconomics: Its Origin, Development and<\/em> <em>Current State<\/em>. 2005]<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>For some economists, such as Prescott (1996), the renewed interest in growth over the last 20 years stems from their belief that business cycle fluctuations \u201d\u02dcare not costly to society\u2019 and that it is more important for economists to worry about \u201d\u02dcincreasing the rate of increase in economy-wide productivity and not smoothing business fluctuations\u2019. This [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[129,1006],"class_list":["post-7091","post","type-post","status-publish","format-standard","hentry","category-economics","tag-business-cycle","tag-economic-growth"],"_links":{"self":[{"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/posts\/7091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/maddruid.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7091"}],"version-history":[{"count":3,"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/posts\/7091\/revisions"}],"predecessor-version":[{"id":7093,"href":"https:\/\/maddruid.com\/index.php?rest_route=\/wp\/v2\/posts\/7091\/revisions\/7093"}],"wp:attachment":[{"href":"https:\/\/maddruid.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/maddruid.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/maddruid.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}