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Realization and costs: reply to Goldstein

Author

Listed:
  • Howard J. Sherman

    (Department of Political Science, University of California, Los Angeles, CA 90095-1472, USA; Tel.: + 1-310-475-7244 sherman@polisci.ucla.edu)

Abstract

This is a reply to an article which argued that supply-side costs are solely responsible for cyclical contractions and that demand plays only a negligible role. My reply emphasizes that cyclical downturns are caused by both limited demand and rising costs. The limited demand is caused by shifts in income distribution away from workers, while the rising costs include raw material prices as well as interest rates.

Suggested Citation

  • Howard J. Sherman, 2002. "Realization and costs: reply to Goldstein," Review of Radical Political Economics, Union for Radical Political Economics, vol. 34(2), pages 179-186, June.
    • Handle: RePEc:sae:reorpe:v:34:y:2002:i:2:p:179-186
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