This major book extends Michal Kalecki's investment cycle analysis
into an integrated dynamic model of how levels of confidence
experienced by entrepreneurs affect their decisions to invest. The
long-term, expensive and uncertain nature of investment projects
inhibits decision makers' confidence, making it susceptible to a
wide range of factors. Incorporating behavioural and evolutionary
analysis into a Kaleckian investment model, Jerry Courvisanos
develops the concept of susceptibility which provides the
foundation for an improved understanding of the empirically
observed cyclical instability of capital accumulation. Historically
based empirical patterns of cyclical manufacturing investment in
capitalist economies are identified and related to how the nature
of susceptibility alters over time. These alterations are shown to
create different investment cycle patterns over evolving periods of
economic development. Drawing on this susceptibility cycle model,
Jerry Courvisanos shows how corporate and governmental strategic
planners can better design policies to mitigate the instability
that investment exhibits. The result could be to diminish the
aggravating effect that investment instability has on business
cycles and employment in capitalist economies.
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