{"id":3912,"date":"2012-05-19T14:41:31","date_gmt":"2012-05-19T12:41:31","guid":{"rendered":"http:\/\/www.poleconomix.gr\/portal\/?p=3912"},"modified":"2012-05-19T14:41:31","modified_gmt":"2012-05-19T12:41:31","slug":"american-lessons-for-europe","status":"publish","type":"post","link":"https:\/\/www.poleconomix.gr\/portal\/american-lessons-for-europe\/","title":{"rendered":"American Lessons (for Europe)"},"content":{"rendered":"<p>Acemoglu, Daron, Robinson, James.<\/p>\n<p>\u00a0Thomas J. Sargent\u2019s Nobel Prize lecture, \u201cUnited States Then, Europe Now,\u201d draws an important parallel between the United States &#8211; the Articles of Confederation of 1781 and the ratification of the U.S. Constitution in 1788 &#8211; and Europe today. In both cases, polities were joined in a currency union under the tutelage of a weak central government, without the power to tax and conduct fiscal policy, and with all the free-rider problems that this creates. Sargent takes the reader through a tour of some basic dynamic general (macro-) equilibrium modeling, emphasizing the importance of the government\u2019s budget constraint \u2014 even the government\u2019s debt has to be paid and that determines the value of its bonds.<\/p>\n<p><strong>\u03a0\u03b7\u03b3\u03ae: <a href=\"http:\/\/whynationsfail.com\/\" target=\"_blank\">whynationsfail.com<\/a><\/strong><\/p>\n<p><a href=\"http:\/\/whynationsfail.com\/blog\/2012\/5\/17\/american-lessons-for-europe.html\" target=\"_blank\">\u03c0\u03bb\u03ae\u03c1\u03b5\u03c2 \u03ba\u03b5\u03af\u03bc\u03b5\u03bd\u03bf<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Acemoglu, Daron, Robinson, James. \u00a0Thomas J. Sargent\u2019s Nobel Prize lecture, \u201cUnited States Then, Europe Now,\u201d draws an important parallel between the United States &#8211; the Articles of Confederation of 1781 and the ratification of the U.S. Constitution in 1788 &#8211; and Europe today. In both cases, polities were joined in a currency union under the [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,37],"tags":[26,27,24],"class_list":["post-3912","post","type-post","status-publish","format-standard","hentry","category-18","category-37","tag-26","tag-27","tag-24"],"_links":{"self":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/3912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/comments?post=3912"}],"version-history":[{"count":1,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/3912\/revisions"}],"predecessor-version":[{"id":3913,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/posts\/3912\/revisions\/3913"}],"wp:attachment":[{"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/media?parent=3912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/categories?post=3912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.poleconomix.gr\/portal\/wp-json\/wp\/v2\/tags?post=3912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}