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Austerity and fraud under different structures of technology and resource abundance

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  • Jing Chen
  • James Galbraith

Abstract

We present the implications of a simple analytical theory in which economic crisis emerges from rising real resource costs in systems with high fixed costs relative to variable costs. We show the integral role played by financial fraud in this process, and explain the effects of austerity and stimulus policies in the face of crisis under differing combinations of fixed and variable costs. Copyright The Author 2012. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • Jing Chen & James Galbraith, 2012. "Austerity and fraud under different structures of technology and resource abundance," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(1), pages 335-343.
    • Handle: RePEc:oup:cambje:v:36:y:2012:i:1:p:335-343
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    File URL: http://hdl.handle.net/10.1093/cje/ber027
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    Cited by:

    1. Weijie Luo, 2022. "Inequality and growth in the twenty‐first century," Scottish Journal of Political Economy, Scottish Economic Society, vol. 69(4), pages 345-366, September.
    2. Fontana, Giuseppe & Sawyer, Malcolm, 2016. "Towards post-Keynesian ecological macroeconomics," Ecological Economics, Elsevier, vol. 121(C), pages 186-195.
    3. Chen, Jing, 2012. "The nature of discounting," Structural Change and Economic Dynamics, Elsevier, vol. 23(3), pages 313-324.

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