Insights on deflation theory
| Autor: | Angel Asensio |
|---|---|
| Rok vydání: | 2018 |
| Předmět: |
Debt-deflation
Sociology and Political Science lcsh:HB71-74 Keynesian economics media_common.quotation_subject depressão lcsh:Economics as a science Contrast (music) Deflation instability Deflação da dívida instabilidade General theory Conceptual framework Depression (economics) Market forces depression Political Science and International Relations Economics Debt deflation uncertainty General Economics Econometrics and Finance incerteza Creed media_common |
| Zdroj: | Brazilian Journal of Political Economy v.38 n.2 2018 Revista de Economia Política EDITORA 34 instacron:EDITORA_34 Brazilian Journal of Political Economy, Vol 38, Iss 2, Pp 338-357 |
| ISSN: | 1809-4538 0101-3157 |
| DOI: | 10.1590/0101-31572018v38n02a07 |
| Popis: | Irving Fisher offered a ‘tentative’ debt-deflation theory of great depressions rather than a fully consistent theory of his ‘creed’: “I say "creed" because, for brevity, it is purposely expressed dogmatically and without proof. (…) it is quite tentative” (Fisher 1933, p 337). The paper argues that prominent authors who strived to explain his ideas within the Walrasian apparatus could not deliver a consistent theory of deflation with protracted depression. This is basically because destabilizing market forces cannot dominate in that conceptual framework. By contrast, owing to the way competitive forces operate under fundamental uncertainty, Keynes’s General Theory escapes the contradiction. JEL Classification: B26; E3; E4. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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