Showing 1 - 10 of 156
The paper describes boom-and-bust cycles within Hayek's framework of order and aims to provide an understanding of recurring crises in recent financial history. We argue that a boom-and-bust cycle is initiated by a displacement that lowers the degree of (ex-post) plan coherence (or order) in an...
Persistent link: https://www.econbiz.de/10010309229
Fears of deflation and long-term stagnation have become more commonplace since the Great Recession. Yet, within the mainstream, economists are divided into two camps: those who see the benefits of downward wage and price adjustment, as a private sector stabilizer, and those who fear deflationary...
Persistent link: https://www.econbiz.de/10012969983
Dopo la seconda guerra mondiale ci sono stati il regolamento degli aiuti concessi sulla base del Lend-lease, l'istituzione del sistema di Bretton Woods, il prestito alla Gran Bretagna e, infine, il piano Marshall. Riflettendo su quel periodo ho proposto una mia legge delle politiche economiche...
Persistent link: https://www.econbiz.de/10013091034
The possibility of crisis in the years ahead, as in the years that followed the first half of 1930, lies in private revulsion against the dollar − e.g. by Japanese insurance companies with their vast savings and limited investment opportunities at home, unmatched by public governmental efforts...
Persistent link: https://www.econbiz.de/10012925230
The paper describes boom-and-bust cycles within Hayek’s framework of order and aims to provide an understanding of recurring crises in recent financial history. We argue that a boom-and-bust cycle is initiated by a displacement that lowers the degree of (ex-post) plan coherence (or order) in...
Persistent link: https://www.econbiz.de/10009547157
In this paper we analyze Minskian dynamics in the US economy via an empirical application of Minsky's financing regime classifications to a panel of nonfinancial corporations. First, we map Minsky's definitions of hedge, speculative and Ponzi finance onto firm-level data to describe the...
Persistent link: https://www.econbiz.de/10011599096
The strategic outlook of the U.S. can be assessed by analyzing the balance sheets of its main sectors, which are mutually linked by a coherent system of accounting. The expansion of the period 1992-2000 was greeted by a wave of complacency in the United States and it was thought that it could...
Persistent link: https://www.econbiz.de/10013066110
It is still insufficiently realised, even now, that the US and therefore the rest of the world may be on the brink of a severe and intractable recession. As recently as September 2000, it was commonly held that the US business cycle had been abolished for ever, while the “consensus” forecast...
Persistent link: https://www.econbiz.de/10013106735
Frank Decker provides an introduction to the vast work of Gunnar Heinsohn and Otto Steiger in this first English edition. Ownership Economics (Eigentumsökonomik) is a condensed version of Heinsohn and Steiger's Ownership, Interest and Money: Unresolved Mysteries in Economic Theory (Eigentum,...
Persistent link: https://www.econbiz.de/10012973891
The German unemployment rate shows strong signs if non-stationarity over the course of the previous decades. This is in line with an insider-outsider model under full hysteresis. We applied a "theory-guided view" to the data using the structural VAR model as developed by Balmaseda, Dolado and...
Persistent link: https://www.econbiz.de/10010260640