Research Catalog

Title

Investment cycles in capitalist economies : a Kaleckian behavioural contribution / Jerry Courvisanos.

Author

Courvisanos, Jerry, 1949-

Publication

Cheltenham, UK ; Brookfield, Vt. : Edward Elgar, [1996], ©1996.

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Holdings

Details

Description

xi, 272 pages : illustrations; 23 cm.

Summary

• This major new 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 provides some guiding propositions for corporate and government strategic planners in how better to 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.

Series Statement

New directions in modern economics

Uniform Title

New directions in modern economics.

Subjects

• Capital investments
• Kalecki, Michał
• Business cycles

Bibliography (note)

• Includes bibliographical references (p. 243-260) and index.

Contents

1. Introduction: The Need for a Theory of Investment Cycles -- 2. Kaleckian Analysis of Investment -- 3. Investment under Uncertainty: Behavioural and Evolutionary Views -- 4. Institutional Behaviour of Firms -- 5. The Susceptibility Cycle: an Endogenous Model -- 6. Exogenous Factors Affecting Susceptibility -- 7. Long-Run Empirical Patterns of Cyclical Investment -- 8. Policy Implications and Future Directions -- Appendix. Case Study Summaries of Three Australian Manufacturing Industries.

ISBN

1858984106

LCCN

96014167

OCLC

ocm34515560

Owning Institutions

Columbia University Libraries