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Development blocks, malinvestment and structural tensions – the Åkerman–Dahmén theory of the business cycle




Johan Åkerman and Erik Dahmén's institutional theory of economic fluctuations is a constructive alternative to traditional macroeconomic approaches and also to modern business-cycle analysis based on microeconomic optimization models. By its integration of a business-cycle and growth perspective, Åkerman and Dahmén's analysis was similar to that of Schumpeter in Business Cycles. But their notions of malinvestment, structural tensions, and development blocks provided an original explanation of the turning points in the business cycle. The Åkerman–Dahmén approach is more valid for innovation-driven cycles such as the ICT boom in the late 1990s and the subsequent crisis than for cycles with an independent role of financial-market conditions.

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  • Erixon, Lennart, 2011. "Development blocks, malinvestment and structural tensions – the Ã…kerman–Dahmén theory of the business cycle," Journal of Institutional Economics, Cambridge University Press, vol. 7(1), pages 105-129, March.
  • Handle: RePEc:cup:jinsec:v:7:y:2011:i:01:p:105-129_00

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    Cited by:

    1. Niklas Elert & Magnus Henrekson, 2019. "The collaborative innovation bloc: A new mission for Austrian economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 295-320, December.
    2. Nicolai J. Foss & Peter G. Klein & Matthew McCaffrey, 2019. "The entrepreneurship scholar plays with blocs: Collaborative innovation or collaborative judgment?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 321-330, December.

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