Industrial Restructuring, Financial Instability and the Dynamics of the Postwar US Economy (RLE: Business Cycles)
This volume, originally published in 1997, examines the combined effect of financial instability and industrial restructuring on postwar economic growth and recession in the US. It sheds light on the fundamental question of whether or not these trends are positive for the economy as a whole. To explain the cyclical nature of investment and finance, institutional theory regarding financial instability is examined in depth and related to Minsky’s analysis of investment behaviour. The author has created an empirical model of this behaviour which, he claims, accurately predicts historical consumption investment and GDP cycles.
Table of Contents
1. What Did Economists Learn from the Great Depression? 2. How Chaos Killed the Auctioneer 3. Macroeconomic Effects of Industrial Restructuring 4. Consumption Patterns and the Multiplier 5. Finance, Investment and the Business Cycle 6. An Empirical Model of Investment and Finance 7. A Multiplier-Acclerator Simulation Model