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3.5 Years of the Jokowi Economy

Nordhaus (1972) was the first person to observe that there was a pattern of business cycles outside the existing conjuncture. This cycle is found in a democracy based on the presidential system.

By
Ari Kuncoro
· 9 minutes read
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Nordhaus (1972) was the first person to observe that there was a pattern of business cycles outside the existing conjuncture. This cycle is found in a democracy based on the presidential system.

The cycle is triggered by the sequence of the presidential elections, formation of government, the activities of the government and the upcoming elections.  The variables of concerns are economic growth and inflation. To illustrate the reality in this mortal world,  there is always a consequence of a choice of action or exchange (trade-off) as indicated in the framework of the Philips Curve, in which  achieving higher growth will add to inflationary pressures (Persson and Tabellini [ 2000]).

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