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Why There Is Chronic Excess Capacity

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  • James Crotty

Abstract

Why is there excess capacity in the world today? The neoclassical economics that came to power in the 1970s argues essentially that supply should create its own demand--Say's Law. But it has not worked out that way. This economist returns to the work of early theorists to explain what happened, and why the de-emphasis of demand-oriented policies has failed to work.

Suggested Citation

  • James Crotty, 2002. "Why There Is Chronic Excess Capacity," Challenge, Taylor & Francis Journals, vol. 45(6), pages 21-44.
    • Handle: RePEc:mes:challe:v:45:y:2002:i:6:p:21-44
    DOI: 10.1080/05775132.2002.11034176
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    Citations

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    Cited by:

    1. Kornai, János, 2010. "Hiánygazdaság - többletgazdaság. Tanulmány a piac elméletéről - II. rész [Shortage economy - surplus economy. A study on market theory II]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1021-1044.
    2. Federico Bassi, 2020. "Chronic Excess Capacity and Unemployment Hysteresis in EU Countries. A Structural Approach," DISCE - Working Papers del Dipartimento di Economia e Finanza def091, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    3. James Crotty, 2003. "The Neoliberal Paradox: The Impact of Destructive Product Market Competition and Impatient Finance on Nonfinancial Corporations in the Neoliberal Era," Review of Radical Political Economics, Union for Radical Political Economics, vol. 35(3), pages 271-279, September.
    4. Pejman Bahramian & Andisheh Saliminezhad, 2021. "Does Capacity Utilization Predict Inflation? A Wavelet Based Evidence from United States," Computational Economics, Springer;Society for Computational Economics, vol. 58(4), pages 1103-1125, December.
    5. Hang Liu & Ping Li & Danhui Yang, 2017. "Export fluctuation and overcapacity in China’s manufacturing industry—the inspection of the causes of excess capacity from the perspective of external demand," China Finance and Economic Review, Springer, vol. 5(1), pages 1-19, December.

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