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New Perspectives On Business Cycles |
Satya P. Das, Professor of Economics, Department of Economics, Indian Statistical Institute, India
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| 1993 |
256 pp |
Hardback |
978 1 85278 800 1 |
£73.00 |
on-line discount
£65.70 |
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‘This interesting book argues that traditional aggregate theories of the business cycle have not succeeded in explaining the recent downturn in advanced Western economies, and proposes that economic inequality and heterogeneity are important influences on business cycles. . . . Overall this is a valuable contribution to the literature on business cycles which merits careful study.’
– Kenneth Holden, The Economic Journal
‘This book makes a strong contribution to economic science but not much to economic policy. It is an interesting and provocative reading primarily for economists who are involved with neoclassical macroeconomic modeling.’
– H. Sonmez Atesoglu, Southern Economic Journal
Arguing that changes in the distribution of wealth and income in a private market economy can generate variations in the aggregate output, Professor Das uses a series of models to relate economic inequalities across households to fluctuations in the economy. In particular, he argues that severe inequities in wealth and income distribution can lead to fluctuations in a macroeconomy, with important implications for the financial markets. Empirical evidence from the post-war US economy is presented in support of this theory.
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Contents: 1. Introduction 2. Basic Premises and Methodology 3. Inequality, Heterogeneity and Business Cycles in Models of Capital Accumulation 4. Heterogeneity, Redistributive Lobbying and Business Cycles 5. Firm Heterogeneity and Business Cycles 6. Inequality, Heterogeneity and Business Cycles via Aggregate Demand 7. Inequality, Demand for Stocks and Demand for Money 8. Inequality, and the Stability of the Banking Sector 9. Preliminaries: Available Data and Correlations 10. Linkage of Income Inequality to Aggregate Output, Unemployment, Demand for Money and Stock Price: Postwar US
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