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The Business Cycle: A Kelsonian Analysis
Author(s) -
Greaney Michael D.
Publication year - 2015
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/ajes.12092
Subject(s) - business cycle , perspective (graphical) , order (exchange) , economics , capital (architecture) , classical economics , economic analysis , neoclassical economics , law and economics , macroeconomics , finance , computer science , history , archaeology , artificial intelligence
Increasingly dramatic swings in economic activity are characteristic of the modern business cycle that results from the failure of Say's Law of Markets to operate. From the perspective of the banking principle of the Smithian school of classical economics, the swings of the modern business cycle are a symptom of a badly structured economic order based on inadequate or incorrect principles. The problems associated with the modern business cycle are, however, entirely solvable with the tools and techniques of binary economics as applied in a manner consistent with the principles of economic and social justice as proposed under Capital Homesteading.