Author: Paul N. TeslyaPublisher:
ISBN:
Category :
Languages : en
Pages : 20
Book Description
The Business Cycle and Long-term Trends in an Economy with Technological Progress
Author: Paul N. TeslyaHysteresis and Business Cycles
Author: Ms.Valerie CerraPublisher: International Monetary Fund
ISBN: 1513536990
Category : Business & Economics
Languages : en
Pages : 50
Book Description
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Productivity, Technology and Economic Growth
Author: Bart van ArkPublisher: Springer Science & Business Media
ISBN: 1475731612
Category : Business & Economics
Languages : en
Pages : 408
Book Description
Productivity, Technology and Economic Growth presents a selection of recent research advances on long term economic growth. While the contributions stem from both economic history, macro- and microeconomics and the economics of innovation, all papers depart from a common viewpoint: the key factor behind long term growth is productivity, and the latter is primarily driven by technological change. Most contributions show implicitly or explicitly that technological change is at least partly dependent on growth itself. Furthermore, technology appears to interact strongly with investment in physical and human capital as well as with changes in historical, political and institutional settings. Together these papers are an up-to-date account of the remarkable convergence in theoretical and empirical work on productivity and growth over the past decades. The first part deals with the characteristics of growth regimes over longer periods, ranging from 20 years to two centuries. The next four chapters study the determinants of productivity growth and, in some cases, productivity slowdown during the last quarter of the twentieth century. The final five chapters focus on the role of technology and innovation as the key determinants of growth. Productivity, Technology and Economic Growth is, therefore, a welcome collection for academic scholars and graduate students in economics, history and related social sciences as well as for policy makers.
Economic Growth and Long Cycles
Author: Nikolaos ChatzarakisPublisher: Taylor & Francis
ISBN: 1040031013
Category : Business & Economics
Languages : en
Pages : 301
Book Description
Contemporary capitalism is characterized by periods of vigorous economic growth and periods of slow or even negative growth. This book draws on the classical political economy approach to consider both economic cycles and economic growth and draw conclusions about the inherent instability of the modern economy. The book shows that the work of the old classical economists (Smith and Ricardo) and Marx is theoretically sound and capable of providing answers to both growth and cycles. It also demonstrates the potential and natural integration of growth and cycles in a single model. The microeconomic foundation of this model is the labor theory of value, which continues with the General Law of Capital Accumulation, the Law of the Falling Rate of Profit, and the movement of the Industrial Reserve Army of Labour. Finally, a dynamic model of growth-cum-cycles is constructed consisting of the evolution and interaction of five key variables, namely, the rate of profit, the propensity to invest in fixed capital, technological change, the reserve army of labour, and the rate of capital devaluation. The analysis demonstrates that economic growth and cycles are not disconnected from each other, as they have been treated in the literature, but rather interdependent aspects of the same evolutionary process of a capitalist economy. This book will interest readers in the history of economic thought, economic growth and development, macroeconomics, and political economy.
Frontiers of Business Cycle Research
Author: Thomas F. CooleyPublisher: Princeton University Press
ISBN: 9780691043234
Category : Business & Economics
Languages : en
Pages : 452
Book Description
This introduction to modern business cycle theory uses a neoclassical growth framework to study the economic fluctuations associated with the business cycle. Presenting advances in dynamic economic theory and computational methods, it applies concepts to t
Technological and Social Factors in Long Term Fluctuations
Author: Massimo Di MatteoPublisher: Springer Science & Business Media
ISBN: 3642483607
Category : Business & Economics
Languages : en
Pages : 455
Book Description
1. The Idea behind the workshop was that of calling attention to the necessity of studying long term tendencies In economic growth. We believe that actual growth processes In capitalistic economies are not smooth phenomena and also that the evolution of the economy Is characterized by long term fluctuations as well as by trade cycles. It Is now common place to argue that this point of view was revived after 1973 In consequence of the economic difficulties experienced by Industrialized countries while It has a much older origin as Its roots can be pushed back at least to the Great Depression of the 1930's. In preparing this workshop we selected two main approaches (as reflected In the title of this book) that have been proposed In the last ten years to deal with the causes of long term fluctuations, namely the ··technologlcal"' (or neo SchumpeterlanLapproach and the "'social"' approsch. What follows Is simply a rough characterization of the existing theoretical positions and It Is not meant to be an exhaustive one. The Interested reader will Immediately see that there are many differentiated positions by looking at the arguments contained In each contribution.
Unemployment and Technical Innovation
Author: Christopher FreemanPublisher: Westport, Conn. : Greenwood Press
ISBN:
Category : Economic development
Languages : en
Pages : 240
Book Description
Study on interrelations among unemployment, innovations, business cycles and economic development - discusses the theoretical background, clustering of inventions and innovations (partic. Electronics industry), historical and current trends (1870-1980) and long term fluctuations in research and development, investment, economic growth, economic structure and employment creation, etc.; stresses the need for well-conceived economic policies to simultaneously promote technological change and combat unemployment and inflation. Graphs and references.
The Long Wave in Economic Life
Author: J.J. Van DuijnPublisher: Routledge
ISBN: 1136599940
Category : Business & Economics
Languages : en
Pages : 235
Book Description
Of all fluctuations in economic activity, the long wave or Kondratieff cycle is easily the most puzzling and least understood one. Does it really exist, and if so, is it only a cycle in prices or a cycle in economic activity at large? What causes it, and has it been confined to Europe or does it affect the world economy as a whole? These questions, which seemed of little relevance in the prosperous years of the postwar growth era, have gained new importance since 1973. With the downturn of the long wave, interest in it has enjoyed a revival, as it did in the 1930s. A great number of publications on the long wave have appeared since 1973, many of which have added to our insight of what causes the recurrent alternations of growth acceleration and retardation. This book is the first in the English language in which all important long wave theories, old as well as recent, are brought together. It focuses on the long wave as an international phenomenon, affecting all industrialised countries. It contains new theory as well as empirical evidence and in the final section suggests a number of policy recommendations to generate innovation. This book offers an interpretation of long-term economic development different from those commonly found in the literature. It will be of interest to students and scholars of the economics of growth and change, as well as to economic historians and policy-makers. This book was first published in 1983.
Business Cycles and Economic Growth
Author: James S. DusenberryPublisher:
ISBN: 9781258068004
Category :
Languages : en
Pages : 352
Book Description
Economic Growth and Business Cycles
Author: Paolo Sylos LabiniPublisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 264
Book Description
In this study, Professor Sylos Labini offers an analysis of growth that is at once theoretical, historical and statistical. The central aim of neo-classical economics has been to discover the equilibrium values of prices, incomes, employment and production. This text by contrast, seeks to understand the logic behind the movement of these quantities over time.