Insights on deflation theory
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Revista de Economia Política |
Texto Completo: | http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572018000200338 |
Resumo: | ABSTRACT Irving Fisher offered a ‘tentative’ debt-deflation theory of great depressions rather than a fully consistent theory of his ‘creed’: “I say ‘creed’ because, for brevity, it is purposely expressed dogmatically and without proof. [...] it is quite tentative” (Fisher 1933, p. 337). The paper argues that prominent authors who strived to explain his ideas within the Walrasian apparatus could not deliver a consistent theory of deflation with protracted depression. This is basically because destabilizing market forces cannot dominate in that conceptual framework. By contrast, owing to the way competitive forces operate under fundamental uncertainty, Keynes’ General Theory escapes the contradiction. |
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Insights on deflation theoryDebt-deflationdepressioninstabilityuncertaintyABSTRACT Irving Fisher offered a ‘tentative’ debt-deflation theory of great depressions rather than a fully consistent theory of his ‘creed’: “I say ‘creed’ because, for brevity, it is purposely expressed dogmatically and without proof. [...] it is quite tentative” (Fisher 1933, p. 337). The paper argues that prominent authors who strived to explain his ideas within the Walrasian apparatus could not deliver a consistent theory of deflation with protracted depression. This is basically because destabilizing market forces cannot dominate in that conceptual framework. By contrast, owing to the way competitive forces operate under fundamental uncertainty, Keynes’ General Theory escapes the contradiction.Centro de Economia Política2018-06-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572018000200338Brazilian Journal of Political Economy v.38 n.2 2018reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_3410.1590/0101-31572018v38n02a07info:eu-repo/semantics/openAccessASENSIO,ANGELeng2018-06-12T00:00:00Zoai:scielo:S0101-31572018000200338Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2018-06-12T00:00Revista de Economia Política - EDITORA 34false |
dc.title.none.fl_str_mv |
Insights on deflation theory |
title |
Insights on deflation theory |
spellingShingle |
Insights on deflation theory ASENSIO,ANGEL Debt-deflation depression instability uncertainty |
title_short |
Insights on deflation theory |
title_full |
Insights on deflation theory |
title_fullStr |
Insights on deflation theory |
title_full_unstemmed |
Insights on deflation theory |
title_sort |
Insights on deflation theory |
author |
ASENSIO,ANGEL |
author_facet |
ASENSIO,ANGEL |
author_role |
author |
dc.contributor.author.fl_str_mv |
ASENSIO,ANGEL |
dc.subject.por.fl_str_mv |
Debt-deflation depression instability uncertainty |
topic |
Debt-deflation depression instability uncertainty |
description |
ABSTRACT Irving Fisher offered a ‘tentative’ debt-deflation theory of great depressions rather than a fully consistent theory of his ‘creed’: “I say ‘creed’ because, for brevity, it is purposely expressed dogmatically and without proof. [...] it is quite tentative” (Fisher 1933, p. 337). The paper argues that prominent authors who strived to explain his ideas within the Walrasian apparatus could not deliver a consistent theory of deflation with protracted depression. This is basically because destabilizing market forces cannot dominate in that conceptual framework. By contrast, owing to the way competitive forces operate under fundamental uncertainty, Keynes’ General Theory escapes the contradiction. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-06-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572018000200338 |
url |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572018000200338 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
10.1590/0101-31572018v38n02a07 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
text/html |
dc.publisher.none.fl_str_mv |
Centro de Economia Política |
publisher.none.fl_str_mv |
Centro de Economia Política |
dc.source.none.fl_str_mv |
Brazilian Journal of Political Economy v.38 n.2 2018 reponame:Revista de Economia Política instname:EDITORA 34 instacron:EDITORA_34 |
instname_str |
EDITORA 34 |
instacron_str |
EDITORA_34 |
institution |
EDITORA_34 |
reponame_str |
Revista de Economia Política |
collection |
Revista de Economia Política |
repository.name.fl_str_mv |
Revista de Economia Política - EDITORA 34 |
repository.mail.fl_str_mv |
||cecilia.heise@bjpe.org.br |
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1754122482137169920 |