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OverviewTraditional aggregate theories of the business cycle, Keynesian or the neoclassical, have not succeeded in explaining the severe down turns in the United States and other advanced economies. New Perspectives on Business Cycles proposes a theory that economic inequality and heterogeneity in a market economy may be an important influence on business cycles. The author, Satya Das, provides for the first time a systematic assessment of possible links between business cycles and changes in the distribution of income and wealth.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. Full Product DetailsAuthor: Satya P. DasPublisher: Edward Elgar Publishing Ltd Imprint: Edward Elgar Publishing Ltd Dimensions: Width: 15.60cm , Height: 1.50cm , Length: 23.40cm Weight: 0.666kg ISBN: 9781852788001ISBN 10: 1852788003 Pages: 256 Publication Date: 01 January 1993 Audience: College/higher education , Professional and scholarly , Postgraduate, Research & Scholarly , Professional & Vocational Format: Hardback Publisher's Status: Active Availability: In Print  This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of ContentsReviews`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 `. . . the book deserves praise for illustrating the potential links between income inequality and business cycles with easily understood models and well-motivated examples. The sheer variety of models is impressive, providing scholars from any fields with an excuse to browse through and pick out a chapter of interest. The serious student of heterogeneity and business cycles will find all of it useful in understanding what is currently missing in business-cycle research and in deciding where to go from here.' -- Simon Gilchrist, Journal of Economic Literature '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.' '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 '... the book deserves praise for illustrating the potential links between income inequality and business cycles with easily understood models and well-motivated examples. The sheer variety of models is impressive, providing scholars from any fields with an excuse to browse through and pick out a chapter of interest. The serious student of heterogeneity and business cycles will find all of it useful in understanding what is currently missing in business-cycle research and in deciding where to go from here.' -- Simon Gilchrist, Journal of Economic Literature Author InformationSatya P. Das, Professor of Economics, Department of Economics, Indian Statistical Institute, India Tab Content 6Author Website:Countries AvailableAll regions |
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