IDEAS home Printed from https://ideas.repec.org/a/ris/ejessy/0071.html
   My bibliography  Save this article

Technological Shift and the Rise of a New Finance System. The Market-pendulum Model

Author

Listed:
  • Badalian, Lucy

    (Millennium Workshop, Reston, VA)

  • Krivorotov, Victor

    (Millennium Workshop, Reston, VA)

Abstract

The purpose during globalization, huge new demand causes resource shortages and inflation. This gives a boost to new technologies, potentially able to resolve them. Any radically new technology is decades away from commercialization--its implementation after a systemic sudden stop (3S) depends on finding a brand-new accumulation engine (AE). Meanwhile, efforts to reduce production costs through scale efficiencies reverse the supply-demand equation: from shortages of supplies to shortages of demand. Our market-pendulum-model shows that the mid-term market equilibrium ends with market failures (3S). Historically, generation of adequate demand for drastically new products took at least a few decades, causing a seismic shift: i.e., mass steel/oil/electricity of the early 20th century came to age after WWII only.

Suggested Citation

  • Badalian, Lucy & Krivorotov, Victor, 2008. "Technological Shift and the Rise of a New Finance System. The Market-pendulum Model," European Journal of Economic and Social Systems, Lavoisier, vol. 21(2), pages 233-266.
    • Handle: RePEc:ris:ejessy:0071
    as

    Download full text from publisher

    File URL: http://ejess.revuesonline.com/article.jsp?articleId=13147
    File Function: Full text
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lucy Badalian & Victor Krivorotov, 2009. "Economic development as domestication of a geoclimatic zone: The historic East-West divide and the current trends towards its closure," Journal of Innovation Economics, De Boeck Université, vol. 0(1), pages 13-48.
    2. Badalian, Lucy & Krivorotov, Victor, 2010. "The amazing synchronicity of the Global Development (the 1300s-1450s). An institutional approach to the globalization of the late Middle Ages," Economic History Working Papers 27906, London School of Economics and Political Science, Department of Economic History.

    More about this item

    Keywords

    Market-Pendulum Model; Globalization; Supply-Demand; Monetization; Market Equilibrium; 3S.;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:ejessy:0071. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stefano Lucarelli (email available below). General contact details of provider: http://ejess.revuesonline.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.