Most recent discussions of deflation seem to overlook the main dangers posed by a deflationary economy and appear to offer superficial solutions. In this brief, the authors argue that, barring drastic changes in asset and output prices, deflation itself is not the main problem, but rather the...

This book examines current theories of institutional change. The chapters highlight the limitations of these theories. Instead a model emerges of contemporary political economies developing in incremental but cumulatively transformative processes. (Provided by publisher)