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Structure and cycles

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  • Amendola, Mario
  • Froeschle, Claude
  • Gaffard, Jean-Luc

Abstract

On the basis of a Neo-Austrian representation of the production process, we show how recurrent cycles can emerge from a distortion of productive capacity,which hamper the viability of changes that imply structural modifications. Even the quickest and most complete adaptation of the structure of productive capacity cannot prevent the economy from bearing fluctuations: it can only make them regular.
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Suggested Citation

  • Amendola, Mario & Froeschle, Claude & Gaffard, Jean-Luc, 1996. "Structure and cycles," Journal of Economic Behavior & Organization, Elsevier, vol. 29(3), pages 409-432, May.
    • Handle: RePEc:eee:jeborg:v:29:y:1996:i:3:p:409-432
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    References listed on IDEAS

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    1. Mario Amendola & Jean-Luc Gaffard, 1988. "The innovative choice. An economic analysis of the dynamics of technology," Post-Print halshs-00420361, HAL.
    2. Lucas, Robert E, Jr, 1975. "An Equilibrium Model of the Business Cycle," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1113-1144, December.
    3. Frank Hahn, 1978. "On Non-Walrasian Equilibria," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 45(1), pages 1-17.
    4. Michele Boldrin, 1988. "Persistent Oscillations and Chaos in Dynamic Economic Models: Notes for a Survey," UCLA Economics Working Papers 458A, UCLA Department of Economics.
    5. Hicks, J R, 1970. "A Neo-Austrian Growth Theory," Economic Journal, Royal Economic Society, vol. 80(318), pages 257-281, June.
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    2. Montuori, M. & Labini, F.Sylos & Amici, A., 1997. "Statistical properties of galaxy cluster distribution," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 246(1), pages 1-17.

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