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2014 | Buch

Introduction Kapitel lesen Erstes Kapitel lesen

Crisis and Embodied Innovations

Fluctuating Trend vs Fluctuations Around Trend, the Real vs the Financial, Variety vs Average

verfasst von: Volodymyr Ryaboshlyk

Verlag: Palgrave Macmillan UK

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book introduces embodied innovations into the circle of already recognised causes of economic crises. The author shows how issues of investment, accumulation and structural change associated with embodied innovations can be used to monitor potential crisis. The author argues that crises are predictable and manageable in depth.

Inhaltsverzeichnis

Frontmatter

Introduction

1. Introduction
Abstract
While it has become a commonplace that innovations drive growth, it remains unclear whether innovations drive contraction as well. This book clears it up and finally puts the embodied innovations into the circle of recognised causes of economic crises. Unlike financial innovations that have already been much discussed as an alleged cause of the recent crisis, the real ones are still out of sight and out of mind while they merit consideration on their own.
Volodymyr Ryaboshlyk

Crises and Cycles Driven by Embodied Innovations: Real Aspects

Frontmatter
2. State of the Art Around the Innovations-Crisis Link
Abstract
A leap-like pattern of technical progress originated in past epochs of industrialisation is universally recognised.
Volodymyr Ryaboshlyk
3. The Innovations-Related Cause of Crises Confirmed by the Prototype Economy
Abstract
Notwithstanding the simplicity of the example considered, it is a move away from a narrow focus on innovations only to a wider context of their implications for overall functioning of the economy.
Volodymyr Ryaboshlyk
4. The Innovations-Related Cause of Crises Confirmed by the Concrete Economy
Abstract
This question sounds the most awkward when posed by those whose faith relies on the “data” not existing at all. In the meantime, each manager knows the parameters of his new and old equipment much better than the marginal product of his last labourer. So, technological leap is open for measurement at micro level and thereupon at industry level too. In other words, an explicit data on what technologies are coming into the economy along with investments (or what technologies the gross capital formation component of national accounts forms) objectively exist and it remains to dig them out.
Volodymyr Ryaboshlyk
5. Empirical Support for the Presence of the Innovations-Related Cause in the Current Crisis (Non-financial Roots of the Financial Crisis)
Abstract
In the preceding chapter, it is considered only one fragment from the sequence of fragments shown on Figure 3.6, together composing the process of eternal development. But notwithstanding its particular nature, it was a rather complicated time-consuming task where more than 5000 variables were considered. And yet it was solved single-handedly using the Solver Engine of Frontline Systems Inc.
Volodymyr Ryaboshlyk

Real Cyclical Dynamics in Monetary Environment

Frontmatter
6. Theoretical Basis to Embed the Real into the Financial: Production-Consumption Compromise vs Supply-Demand Paradigm
Abstract
The “criterion of observability” that Kurz and Salvadori (2000) ascribe to Leontief spearheads the argument against the neoclassical theory relying on the non-observable utilities and preferences. We would lessen this strictness in the sense that if there is no way to go on without the non-observables, they should be introduced at least in a logically consistent manner. This will even improve a little their practical applicability.
Volodymyr Ryaboshlyk
7. Dynamics of Prices
Abstract
Suppose that new technologies are invented in the heterogeneous economy with capital from Sections 6.7 and 6.8. These technologies offer a leap-like increase in productivity, as it is shown on Figure 7.1. However, at the same time, such progress must be paid for by investments in new equipment, which new capital-per-head ratios are the following:
  • 45 units of capital per head in the bread industry instead of 25;
  • 70 units in the butter industry instead of 35;
  • 90 units, instead of 50, in the fixed capital industry that provides capital for all the industries including itself. At that, the first units of new capital are produced by old, existing capital; and
  • Capital lifetime is seven years instead of ten.
Volodymyr Ryaboshlyk
8. From Interest Rate to Stocks
Abstract
An interest rate for credit is set the same for all the borrowers and its height is especially crucial for the last marginal borrower.
Volodymyr Ryaboshlyk

Precursors and Competitors

Frontmatter
9. Concept of Price: Aristotle vs Marshall
Abstract
The understanding of the role of price as an instrument of fair distribution goes back to Aristotle (350 BCE), who in his Nicomachean Ethics considered price in the context of attaining reciprocity and justice.
Volodymyr Ryaboshlyk
10. Starting Accumulation vs Primitive Accumulation
Abstract
Marx handed over the tradition of understanding primitive accumulation as a single act of creation of capitalism; not as the first technological leap, which was industrialisation, out of the sequence of further leaps. Consequently, scholars, studying joint features of initial industrialisation in different countries, do not always notice that those features had many similarities with modern technological revolutions, too, and that it is the key to better understanding modern crises. While considering all this, we should clearly distinguish the two sides of accumulation: physical accumulation of physical capital and accumulation of money to finance this.
Volodymyr Ryaboshlyk
11. Demando-Mania: Keynes and Demand-Deficient Versions of Crisis
Abstract
The enigma of economic crises can be reduced to the fundamental question: Why do people buy less? Because their desire to buy grows less or because there is less to buy? The former version dominates not only today but during all the history of economic science.
Volodymyr Ryaboshlyk
12. Wage-Profit Distortions in Ireland and Ukraine
Abstract
These weird cases of wage-profit distribution are given in addition to Section 6.8 in Chapter 6.
Volodymyr Ryaboshlyk
13. Bridges to the Cambridge Multisectoral Dynamic Model of the British Economy
Abstract
The constructive framework discovers the degree of disaggregation (of drilling into the reality) sufficient to catch turning points of the economy, while many other approaches lose fluctuation because of aggregation, catching trends only.
Volodymyr Ryaboshlyk
14. Conclusion
Abstract
The only defence from the critiques of the neoclassical orthodoxy is the “So’s your old man” argument. That is, the critics themselves rarely propose theories of their own.
Volodymyr Ryaboshlyk
Backmatter
Metadaten
Titel
Crisis and Embodied Innovations
verfasst von
Volodymyr Ryaboshlyk
Copyright-Jahr
2014
Verlag
Palgrave Macmillan UK
Electronic ISBN
978-1-137-47707-1
Print ISBN
978-1-349-50207-3
DOI
https://doi.org/10.1057/9781137477071

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