Overview

A stabilization policy seeks to limit erratic swings in the economy's total output, as measured by the nation's gross domestic product (GDP), as well as controlling surges in inflation or deflation. Stabilization of these factors generally leads to healthy levels of employment. In this book, internationally renowned economist launches a massive attack against the conventional macroeconomic policies. He demasks the claim that macroeconomic policy is to stabilize the economy. He reveals that this claim implies the assumption that the market economy is inherently unstable, and asks: what if when it is not the market economy but politics which produces instability? What if when the policy managers fabricate the opposite of their claim? What if when they do not smoothen the business cycle but make it more extreme? What if monetary policy does not cure inflation but instigates the erosion of the purchasing power of money?

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