An economic crisis in capitalism is a deep and prolonged interruption of the economy-wide circuit of capital. Crises emerge from within the logic of capitalism's operation, and are manifestations of the inherently contradictory process of capital accumulation. The Marxist tradition...

We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of investment. The second shock affects...

We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of investment. The second shock affects...

The fact that most of the persistent declines in output since the Great Recession have parlayed into equivalent declines in measures of potential output is commonly interpreted as implying that output will not return to previous trends. Using a variety of estimates of potential output for the...

This paper presents a Neo-Fisherite theory of recession. Mainly, the paper deals with the case where output decline is caused by a one-period factor that is non-existent for other periods and pins the output for that period to a particular value. The paper assumes an economy where technology...

This paper analyzes the period 1867-79 in American economic history from an "Austrian" perspective. The post-Civil War boom, the Panic of 1873, and the subsequent downturn are investigated in light of Austrian Business Cycle Theory (ABCT) and its structure of production framework. This paper...