- PII
- S032120680006298-1-
- DOI
- 10.31857/S032120680006298-1
- Publication type
- Article
- Status
- Published
- Authors
- Volume/ Edition
- Volume / Issue 9
- Pages
- 63-78
- Abstract
The article analyses the expediency of using narratives as a macroeconomic policy tool. It explains that a narrative is an integral part of every person’s life due to compliance of its main characteristics with human features, both psychological and physiological. A scheme of interactions between individuals, institutions and narratives was designed to show the importance and the universality of a narrative from the economic perspective. The article presents the results of the conducted retrospective analysis, which reveals the way certain historic narratives have influenced economic and political development of the USA. Current narratives, used by the Trump administration for ruling the country and convincing the population in the necessity of re-election in 2020, are also considered. The found interconnection of the narrative about the Great Depression and the one about the Great Recession is a great example of making the same story serve different purposes: accelerating the crisis or avoiding economic downturns. The article shows the importance of studying narratives and their influence on the behaviour of economic agents for improving the quality of life in the country and efficient implementation of the chosen political strategy.
- Keywords
- narrative, behavioural macroeconomics, Donald Trump, Great Recession, informal institution
- Date of publication
- 29.08.2019
- Year of publication
- 2019
- Number of purchasers
- 92
- Views
- 3178
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