Economic Theory and Policies: The Inheritance of the Recent Past
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Abstract
This essay investigates the interrelationships between the evolution of economic thought and policy action after WWII, which are characterized by hysteresis and asymmetry in the application of theoretical innovations. The paper points out some possible explanations of the swift application of the theories developed in the Seventies, contrasting with the lags in the acceptance of further developments largely critical of the previous theories.
