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The Business Cycle: A Kelsonian Analysis

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  • Michael D. Greaney

Abstract

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.

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  • Michael D. Greaney, 2015. "The Business Cycle: A Kelsonian Analysis," American Journal of Economics and Sociology, Wiley Blackwell, vol. 74(2), pages 379-418, March.
    • Handle: RePEc:bla:ajecsc:v:74:y:2015:i:2:p:379-418
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    References listed on IDEAS

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    1. Kurland, Norman G., 2001. "A new look at prices and money: the Kelsonian binary model for achieving rapid growth without inflation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 30(6), pages 495-515.
    2. Knapp, Georg Friedrich, 1924. "The State Theory of Money," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number knapp1924.
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