Structure and cycles

On the basis of a Neo-Austrian representation of the production process, we show how recurrent cycles can emerge from a distortion of productive capacity,which hamper the viability of changes that imply structural modifications. Even the quickest and most complete adaptation of the structure of prod...

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Bibliographic Details
Published in:Journal of economic behavior & organization 1996-05, Vol.29 (3), p.409-432
Main Authors: Amendola, Mario, Froeschlé, Claude, Gaffard, Jean-Luc
Format: Article
Language:English
Subjects:
Business cycles
Complex dynamics
Economic models
Economic structure
Economic theory
Economics and Finance
Humanities and Social Sciences
Process planning
Production capacity
Structural change
Studies
Viability
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Summary:On the basis of a Neo-Austrian representation of the production process, we show how recurrent cycles can emerge from a distortion of productive capacity,which hamper the viability of changes that imply structural modifications. Even the quickest and most complete adaptation of the structure of productive capacity cannot prevent the economy from bearing fluctuations: it can only make them regular.
ISSN:0167-2681
1879-1751
0167-2681
DOI:10.1016/0167-2681(95)00080-1