Crisis and embodied innovations
Subtitle: fluctuating trend vs fluctuations around trend, the real vs the financial, variety vs average
By: Volodymyr Ryaboshlyk, Emeritus Professor, Financial-Legal Police Academy, Ukraine
Edition: This is an English version, revised and enlarged, of the original book published in Ukrainian
Publisher: Palgrave Macmillan
Published: 2014
Place of publication: New York
Language: eng
Number of pages: 194
ISBN-13: 9781137477064
Subjects: Economic development; Technological innovations; Business cycles; Financial crises; BUSINESS & ECONOMICS / Economics / General; BUSINESS & ECONOMICS / Economics / Theory
Description: "A curious thought that the innovations embodied in machinery and other fixed capital, besides growth, also drive recession has received a solid confirmation. From now on, output and employment decline and subsequent jobless recovery can be forecasted in explicit terms of figures and timing rather than of probabilities and possibilities of crisis onset; the short and long runs having been integrated together at that. For these reasons many traditional simplified theories are challenged and it is proposed a Constructive Framework capable to catch turning points in the economy instead of mere extrapolations and trends. The policy implication is that crises are unavoidable, but they are quite predictable and their depth is manageable. In addition to this, the classical and neoclassical views on how an innovative economy works and fluctuates are converged and reconciled. As it has turned out, general equilibrium is not altogether general - objective marginalism suppresses a subjective one - the Keynesian easy money is a paradoxical example of doing the right thing for the wrong reason; and financial bubbles are pricked by real structural changes, not the other way around.  This book gives an impetus for development of economic science for another 100 years and provides a fresh perspective on crises and innovation, making it indispensable reading for scholars, researchers, policy-makers and professionals"--
Notes: Includes bibliographical references (pages 179-188) and index.
Table of contents: title: Machine generated contents note:; title: 1. Introduction; title: PART I: CRISES AND CYCLES DRIVEN BY EMBODIED INNOVATIONS: REAL ASPECTS; title: 2. The State of the Art Around the Innovations-crisis Link; title: 3. The Innovations-related Cause of Crises Confirmed Through the Prototype Economy; title: 4. The Innovations-related Cause of Crises Confirmed Through the Concrete Economy; title: 5. Empirical Support for the Presence of the Innovations-related Cause in the Current Crisis (Non-financial Roots of the Financial Crisis); title: PART II: REAL CYCLICAL DYNAMICS in MONETARY ENVIRONMENT; title: 6. Theoretical Basis to Embed the Real into the Financial (Production-Consumption Compromise vs Supply-Demand Paradigm); title: 7. Dynamics of Prices; title: 8. From Interest Rate to Stocks; title: PART III: PRECURSORS and COMPETITORS; title: 9. Concept of Price. Aristotle vs Marshall; title: 10. Starting Accumulation vs Primitive Accumulation; title: 11. Demando-Mania. Keynes and Demand-deficient Versions of Crisis; title: 12. Wage-profit Distortions in Ireland and Ukraine; title: 13. Bridges to the Cambridge Multisectoral Dynamic Model of the British Economy (MDM).