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A Working Model of Slump and Recovery from Disturbances to Capital-goods Demand in a Closed Non-monetary Economy

In: Nicholas Kaldor and Mainstream Economics

Author

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  • E. S. Phelps

Abstract

This paper is one in a series directed toward the construction, with certain modern building blocks, of a non-monetary theory of employment fluctuation in market economies. The closed-economy model here parallels the open-economy model in Phelps (1988). The objective is a plausible theory that helps to account for some or all of the long swings in economic activity over recent decades. In fact, this non-monetary theory has grown out of one of the models used by Fitoussi and Phelps (1988) to account for the 1980s depression over much of the world, a slump that demand-driven models are hard-pressed to explain.

Suggested Citation

  • E. S. Phelps, 1991. "A Working Model of Slump and Recovery from Disturbances to Capital-goods Demand in a Closed Non-monetary Economy," Palgrave Macmillan Books, in: Edward J. Nell & Willi Semmler (ed.), Nicholas Kaldor and Mainstream Economics, chapter 20, pages 360-378, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10947-0_20
    DOI: 10.1007/978-1-349-10947-0_20
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