![]() ![]() They also became increasingly willing, as the years wore on, to advertise their desire for fiscal help in achieving their policy goals. Whatever central bankers could in theory have achieved with sufficiently bold actions, they were not in practice willing to engage in radical steps to raise inflation expectations. But as the decade wore on, it became increasingly clear that many central bankers did not see things the way the monetary purists did: a fact which called many of the purists’ conclusions into doubt. If you were unhappy with the trajectory of recovery, then, the only sensible course of action was to lean on the central bank to change its policy framework (ideally, most purists argued, toward one which targeted a path of total spending across the economy: that is, nominal GDP).Įarly in the 2010s, I had a lot of sympathy for this view, and I still think that growth in nominal spending is a very useful macroeconomic metric which should probably play more of a role in monetary policy-making. And because inflation and employment were roughly where central banks wanted them to be, calls for more fiscal spending to boost the economy were misguided if Congress spent more, and this spending stood to reduce unemployment and raise inflation, then the central bank would simply respond by pursuing a more hawkish policy path, which would offset the fiscal boost. Given that central banks had all the tools they needed, some of these purists argued, it was reasonable to conclude that actually inflation and employment were roughly where central banks wanted them to be. They argued, first, that central banks had all the tools that they needed to get the economy growing sufficiently fast, even though the main policy rate available to central banks-the overnight interest rate-had in most countries been cut to near zero. U2 - 10.1093/oxfordhb/9780190629038.013.8ĭO - 10.1093/oxfordhb/ the 2010s, there was a long-running debate among nerds about how exactly the government should address the problem of chronically weak spending, which was holding back recovery and depressing both inflation and employment.Īmong the participants in this debate was a camp of monetary purists. The conclusion explores how social practice approaches can contribute to a better understanding of dynamics of agency, power, and change in everyday consumption. This framework is then applied in empirical examples of energy, food, and mobility to illustrate the additional insights that social practices can contribute to political consumerism. This leads to a focus on social practices, the embeddedness of different social practices, and the roles of power and information. ![]() This chapter presents the main conceptual tools and empirical orientations and connects these with political consumerism thinking. The conclusion explores how social practice approaches can contribute to a better understanding of dynamics of agency, power, and change in everyday consumption.ĪB - Social practice approaches, developed in sociology, contribute to the study of political consumerism by moving away from individual accounts of political consumerism and towards the study of everyday practices and their changes. ![]() N2 - Social practice approaches, developed in sociology, contribute to the study of political consumerism by moving away from individual accounts of political consumerism and towards the study of everyday practices and their changes. T1 - Political Consumerism and the Social Practice Perspective ![]()
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