Los aportes de Axel Leijonhufvud sobre las limitaciones del funcionamiento de la economía: evidencia de América Latina

Carlos  Dabús

doi:10.52292/j.estudecon.2023.4177

The contributions of Axel Leijonhufvud on the limitatioins in the funtioning of the operation of the economy: Evidence from Latin America

Authors

Carlos Dabús Universidad Nacional del Sur e Instituto de Investigaciones Económicas y Sociales del Sur (UNS-CONICET), Argentina https://orcid.org/0000-0002-7558-8385

DOI:

https://doi.org/10.52292/j.estudecon.2023.4177

Keywords:

Information and coordination problems, Economic crises, Instability, Inflation, Growth

Abstract

This article presents a survey of both, the main theoretical contributions of Axel Leijonhufvud on the limitations in the functioning of the economic system, as the empirical evidence of Latin America that supports them. He stated that the capitalism inherent crises are explained both failures of information and coordination among sectors, which provoke excess of aggregated supply or demand. These mismatches are behind severe crisis like the depression of 1930, as in episodes of price instability and high inflation. In this sense, the evidence contained in this work illustrates that in the short run the limitations in the functioning of the economy generate economic and social costs, like the increasing of relative price variability due to high inflation process. Moreover, a central aspect that emerges of this approach is that in the long run instability in prices and output are prejudicial for economic performance.

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References

Bermúdez, C., Dabús, C. & González, G. (2010). Inestabilidad y crecimiento económico: evidencia de América Latina, en Progresos en Crecimiento Económico, Serie de publicaciones de la Asociación Argentina de Economía Política, Saul Keifman editor, Ed. Edicon.

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Dabús, C. (1993). Inflación y Precios Relativos: Estudio del Caso Argentino [Tesis doctoral]. Universidad Nacional del Sur.

Dabús, C. (2000). Inflationary regimes and relative price variability: evidence from Argentina. Journal of Development Economics, 62(2), 535-547.

Dabús, C. & Viego, V. (2003). Inflación, precios relativos y crecimiento: evidencia de América Latina. Estudios de Economía Aplicada, 21(1), 91-107.

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Leijonhufvud, A. (1981). Information and coordination: essays in macroeconomic theory. USA: Oxford University Press.

Leijonhufvud, A. (1993). Towards a not-too-rational macroeconomics. Southern Economic Journal, 60(1), 1-13. https://doi.org/10.2307/1059926.

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Published

2023-07-03

How to Cite

Dabús, C. . (2023). The contributions of Axel Leijonhufvud on the limitatioins in the funtioning of the operation of the economy: Evidence from Latin America. Estudios económicos, 40(81), 253–268. https://doi.org/10.52292/j.estudecon.2023.4177

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Issue

Vol. 40 No. 81 (2023)

Section

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