Economic flexibility: a structural analysis

William Anthony Jackson

Economic flexibility: a structural analysis

Economics

Research output: Chapter in Book/Report/Conference proceeding › Chapter

Abstract

Economic flexibility is much discussed in the academic literature but has no agreed definition. In neoclassical economics, a flexible economy can be secured only by removing structural rigidities that block relative price movements and hamper the operation of markets – social structures are seen as a threat to flexibility. The current chapter criticises this neoclassical view and proposes a structural approach that acknowledges the importance of social structures for adjustments in all economic arrangements, including markets. If structures take varied forms that may enhance as well as restrict human agency, then they are readily compatible with flexibility.

Original language	English
Title of host publication	Economics and the Social Sciences
Subtitle of host publication	Boundaries, Interaction and Integration
Editors	Stavros Ioannides, Klaus Nielsen
Place of Publication	Cheltenham
Publisher	Edward Elgar Publishing
Pages	215-232
Number of pages	18
ISBN (Print)	978 1 84064 790 7
Publication status	Published - 2007

Bibliographical note

This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. Further copying may not be permitted; contact the publisher for details

Access to Document

Economic Flexibility - A Structural Analysis
This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. Further copying may not be permitted; contact the publisher for details
Accepted author manuscript, 189 KB

Cite this

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abstract = "Economic flexibility is much discussed in the academic literature but has no agreed definition. In neoclassical economics, a flexible economy can be secured only by removing structural rigidities that block relative price movements and hamper the operation of markets – social structures are seen as a threat to flexibility. The current chapter criticises this neoclassical view and proposes a structural approach that acknowledges the importance of social structures for adjustments in all economic arrangements, including markets. If structures take varied forms that may enhance as well as restrict human agency, then they are readily compatible with flexibility.",

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