Traditional aggregate theories of the business cycle, Keynesian or
the neoclassical, have not succeeded in explaining the severe down
turns in the United States and other advanced economies. New
Perspectives on Business Cycles proposes a theory that economic
inequality and heterogeneity in a market economy may be an
important influence on business cycles. The author, Satya Das,
provides for the first time a systematic assessment of possible
links between business cycles and changes in the distribution of
income and wealth.Arguing that changes in the distribution of
wealth and income in a private market economy can generate
variations in the aggregate output, Professor Das uses a series of
models to relate economic inequalities across households to
fluctuations in the economy. In particular, he argues that severe
inequities in wealth and income distribution can lead to
fluctuations in a macroeconomy, with important implications for the
financial markets. Empirical evidence from the post-war US economy
is presented in support of this theory.
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