Nobel Prize-winning economist James Tobin has suggested that a method of decreasing unwanted sudden capital flows among
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Nobel Prize-winning economist James Tobin has suggested that a method of decreasing unwanted sudden capital flows among countries would be to place a small tax on such flows. Post-Keynesian economist Paul Davidson argued against doing so because it won't solve the problem, suggesting that it is like using a pebble when a boulder is needed. What might Davidson's argument be? It is related to the role of expectations.(Post-Keynesian)
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His argument is that the pressures for change are so strong once peop...View the full answer
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