Template-type: ReDIF-Paper 1.0  
Author-Name: Raúl G. Sanchis
Author-Email: raulgsanchis@pdi.ucm.es
Author-Workplace-Name: Instituto Complutense de Estudios Internacionales (ICEI) and the Department of Foundations of 
	Economic Analysis, Universidad Complutense de Madrid.
Title: Trying to escape the Malaise State in the future A macroeconomic design to hinder another Great Recession which 
	risks the Welfare State. 
Title: Tratando de escapar al Estado del Malestar en el futuro Un diseño macroeconómico para obstaculizar otra Gran 
	Recesión que ponga en riesgo el Estado de Bienestar
Abstract: En este artículo se sugiere un enfoque macroeconómico terico que revisa cada aspecto del pensamiento 
	macroeconómico común en la actualidad. Comenzamos definiendo los principales valores que deben fundamentar 
	cualquier economía. Los instrumentos de política monetaria y fiscal son objeto de análisis y se ligan a lo 
	que definimos como objetivos intermedios, en contraposición con lo que actualmente suele configurar el 
	conjunto de objetivos finales. Analizamos posteriormente nuestras variables objetivo para este enfoque 
	macroeconómico, proponiendo una nueva variable objetivo, que está de acuerdo con algunas medidas de 
	monitorización de la riqueza sugeridas en algunos ámbitos. Dichas variables objetivo contribuirían a la 
	mejora en la satisfacción de las
 necesidades de los individuos y al desarrollo humano, el cual supondría 
	un efecto retroalimentación en los principales valores que deben sustentar a una economica. 
Abstract: This paper suggests a theoretical macroeconomic design, which overviews every aspect of current common 
	macroeconomic thought. In order to do it, we start by defining the basic values in which an economy should 
	be based on. Monetary and fiscal policy instruments are subjected to analysis, which relate to what we 
	define as intermediate goals, in contrast with which is apparently taken as the final goals for policymakers.
	Going beyond, we analyze our target variables for this design, suggesting a new one, which is in line with 
	some wealth targeting measures claimed in some circles. Such target variables would improve the satisfaction 
	of needs and wants by individuals, and contribute to human development, which would offer a feedback to the 
	values in which an
 economy is supposed to be based on.
 
Keywords: Great recession, Wealth targeting, Crisis, Sub-prime Mortgages, Gran recesion, Monitorizacion de la riqueza, 
	Crisis, Hipotecas sub-prime.
Note: The paper was presented at the Globelics Conference in Kuala Lumpur, Malaysia, November 2010, at the the
	EMAEE Conference in Pisa, Italy, February 2011, and at the DIME Final Conference in Maastricht, the
	Netherlands, April 2011. A shorter version of this paper is published in the journal Innovation and Development
	(2011). We wish to thank conference participants and three referees of this journal for the helpful
	comments and suggestions. The usual disclaimers apply.
Creation-Date: 2012 
Length: 19 pages
Number:
 1205 
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Handle: RePEc:ucm:wpaper:1205