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Books > Business & Economics > Economics > Macroeconomics
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Recession and Its Aftermath - Adjustments in the United States, Australia, and the Emerging Asia (Hardcover, 2013 ed.)
Loot Price: R3,056
Discovery Miles 30 560
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Recession and Its Aftermath - Adjustments in the United States, Australia, and the Emerging Asia (Hardcover, 2013 ed.)
Expected to ship within 10 - 15 working days
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Market failure at medium intervals is inevitable in a capitalist
economy. Such failures may not be seriously seen in the short run
because market adjusts demand through hoarding of inventory or
import of required goods and services. The market also adjusts
demand in the long run through expansion of concerned industrial
output and also by the entry of new firms. The crucial variable is
price which also adjusts the commodity and the labor market. The
problem comes when there are issues of overproduction, over
capacity utilization of plants, over liquidation and excess supply
of money, change in demand because of change in tastes and habits
of consumers, households and the public. All these create knife
edge disturbances in the economy. As a consequence they need
adjustment through some variables such as employment and growth of
population, saving propensity, technology, exhaustion of existing
inventory, monetary and fiscal balancing. In this volume an attempt
has been made to appraise the working of a market economy where
short term disturbances may occur, market efficiency reduces,
recessionary cycle emerges and after certain fundamental measures
the market recovers. Starting with a brief recent history of the
crisis and the recession, discussions in this volume turn to how
deliberations in macroeconomics yield implications for specific
policies, some of which have been tried and others still to be
tested. Further in the volume we propose policies necessary for
efficient regulation of the economic system, and give a brief
assessment of the extent to which global policy coordination has
been mulled in policy circles even if these are not seriously
practiced.
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