By V. Ryaboshlyk
This booklet introduces embodied ideas into the circle of already acknowledged reasons of monetary crises. the writer indicates how problems with funding, accumulation and structural switch linked to embodied thoughts can be utilized to watch power difficulty. the writer argues that crises are predictable and practicable intensive.
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Extra resources for Crisis and Embodied Innovations: Fluctuating Trend vs Fluctuations Around Trend, the Real vs the Financial, Variety vs Average
The initial reasoning for the TFP concept looks rather convincing: if there are no changes in quantities of labour and capital, then all the increase in output should be ascribed to progress, namely, to the said total factor productivity, the “individual” contributions of labour and of capital being deemed zero. But it is not so clear for the case when labour, capital and other inputs are changing simultaneously. Consequently, econometricians and statisticians infinitely elaborate their techniques for this inconvenient but realistic case.
The economy embarks on a new expansion path of economic growth. (Glaziev, 1991) So, this version assumes as if radical innovations ready for commercial implementation were almost always at hand, waiting for a crisis to activate them. In another place, however, Schumpeter left a chance for innovations to be a single prime mover of crisis: “innovation would suffice to produce alternating prosperities and depression ... Our proposition that innovation ... is actually the dominant element which accounts for those historical and statistical phenomena, is so far only a working hypothesis” (1939a, p.
This was particularly highlighted by Schumpeter (1934, 1939a, 1950). 4 Convoluted explanations by Schumpeter Schumpeter supposed that the problem is that progress is not duly coordinated across industries: “Progress ... not only proceeds by jerks and rushes but also by one-sided rushes productive of consequences other than those which would ensue in the case of coordinated rushes” (1939a, here and in the collection below italics are added). Besides, Schumpeter’s convoluted texts contain many other related thoughts – of contradictory nature, though.