Structure versus Agency in the Great Deprivation of 21st Century

Naqvi, Nadeem (2009): Structure versus Agency in the Great Deprivation of 21st Century.

Abstract

Agency-based explanations of the great deprivation, contrasted with structure-based explanations, suffer not merely from the criticism of relying on irrational and irresponsible behavior of millions, including that of the most astute financial experts, but are also at a loss to explain why such problems did not arise earlier when the same motivations and behavioral patterns were exhibited, thereby rendering such theories incomplete. Alternatively, if it is argued that such problems did not appear earlier because the economic structure was different then, then again attention must return to an examination of structure, not exclusively place blame on agency failures. (98 words)

• Item Type: MPRA Paper
• Language: English
• Keywords: structure; agency; great deprivation; financial crisis; fiscal policy; monetary policy; skilled labor markets; American economy; involuntary unemployment; voluntary unemployment; education; training; skill acquisition; income distribution; China; India; Germany; Japan
• Subjects: F - International Economics > F1 - Trade > F16 - Trade and Labor Market Interactions; E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations ; Cycles; E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E66 - General Outlook and Conditions; F - International Economics > F0 - General > F01 - Global Outlook; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy; F - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment ; Long-Term Capital Movements

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