272:. In this case, capitalists try to raise their rates of profit by cutting wages and raising labor productivity (by speeding up production). The problem is that while this may be rational for the individual, it is irrational for the capitalist class as a whole. Cutting wages relative to productivity lowers consumer demand relative to potential output. With other sources of aggregate demand blocked, this actually hurts profitability by lowering demand. Devine terms this problem the "under-consumption trap".
199:
greater share of the annual product intended for consumption. From the standpoint of these valiant upholders of 'plain common sense,' such periods should prevent the coming of crises. It would appear, therefore, that capitalist production includes conditions which are independent of good will or bad will. . ." Marx argued that the primary source of capitalist crisis was not located in the realm of consumption, but rather, in production. In general, as
57:
256:" by the capitalists, boosted by high profits and optimistic expectations. Some growth of working-class consumption occurred, but corresponded to increased indebtedness. (In theory, the government and foreign sectors could have also counteracted stagnation, but this did not happen in that era.) The problem with this kind of economic boom is that it becomes increasingly unstable, somewhat akin to a
304:"denounced the objectors to the use of French silks on the ground that all purchasers of French luxury goods created a livelihood for the poor, whereas the miser caused them to die in distress," an early form of the paradox of thrift. A number of other 17th century authors, English, German, and French, stated similar sentiments, which Heckscher summarizes as:
308:"the deep-rooted belief in the utility of luxury and the evil of thrift. Thrift, in fact, was regarded as the cause of unemployment, and for two reasons: in the first place, because real income was believed to diminish by the amount of money which did not enter into exchange, and secondly, because saving was believed to withdraw money from circulation."
193:
are produced by the lack of paying consumption or paying consumers. The capitalist system recognizes only paying consumers, with the exception of those in receipt of poor law support or the 'rogues.' When commodities are unsalable, it means simply that there are no purchasers, or consumers, for them.
260:
affecting a financial market. Eventually (in 1929), the over-investment boom ended, leaving unused industrial capacity and debt obligations, discouraging immediate recovery. Note that Devine does not see all booms in these terms. In the late 1960s, the U.S. saw "over-investment relative to supply,"
352:
and, other than
Malthus, Keynes did not credit the existence of other proponents of underconsumption, stating instead that Ricardo "conquered" English economics. This is now understood to be false – other British proponents of underconsumption are now well-established, but, as Keynes demonstrated,
155:
in factories, machines, and housing, government purchases of goods and services, and exports (net of imports). Further, few economists believe that persistent stagnation is the normal state toward which a capitalist economy tends. But it is possible in
Keynesian economics that falling consumption
198:
does not receive enough of its own product and that the evil would be dispelled immediately it received a greater share,i.e., if its wages were increased, all one can say is that crises are invariably preceded by periods in which wages in general rise and the working class receives a relatively
475:
developed a theory of underconsumption in the 1920s that became highly influential among policy makers. The argument was that governmental intervention, especially spending on public works programs, was essential to restore the balance between production and consumption. The theory strongly
126:
from 1976, Michael
Bleaney defined two main elements of classical (pre-Keynesian) underconsumption theory. First, the only source of recessions, stagnation, and other aggregate demand failures was inadequate consumer demand. Second, a capitalist economy tends toward a state of persistent
492:
Today these ideas, regardless of provenance, are grouped in academia under the rubric of "Keynesian economics", due to Keynes's role in consolidating, elaborating, and popularizing them. Keynes himself specifically discussed underconsumption (which he wrote "under-consumption") in
203:
has argued, production creates the basis for consumption, because it puts purchasing power into the hands of workers and fellow capitalists. To produce anything requires the individual capitalist to buy machines (capital goods) and employ workers.
1042:
113:
One of the early underconsumption theories says that because workers are paid a wage less than they produce, they cannot buy back as much as they produce. Thus, there will always be inadequate demand for the product.
1035:
321:, of 1714, was credited by Keynes as the most popular exposition of underconsumptionism of its time, but it caused such an uproar, being seen as an attack against Christian virtues, specifically attacking
1028:
1946:
1951:
207:
In Volume III, Part III of Das
Kapital, Marx presents a theory of crisis which is solidly grounded in the contradictions he sees in the realm of capitalist production: the Tendency of the
515:
who wrote "What is prudence in the conduct of every private family can scarce be folly in that of a great
Kingdom," and on grounds of Christian morality. These criticisms were revised by
222:) labor. Thus as the organic composition of capital rises, the rate of profit tends to fall. Eventually, this will cause a fall in the mass of profit, giving way to decline and crisis.
1936:
675:
1926:
495:
1916:
1921:
252:
also stagnates. As noted above, this does not mean that the economy as a whole must dwell in the economic cellar. In the 1920s, private fixed investment soared, as did "
1191:
1051:
102:
until underconsumption theory was largely replaced by
Keynesian economics which points to a more complete explanation of the failure of aggregate demand to attain
139:, which has a similar belief in stagnation as the natural (stable) state, but which is otherwise distinct and in critical opposition to underconsumption theory.
1434:
1059:
1794:
1741:
147:
Modern
Keynesian economics has largely superseded underconsumption theories. Falling consumer demand need not cause a recession, since other parts of
1652:
1259:
214:. He argues that as the capitalists compete with each other, they strive to replace human laborers with machines. This raises what Marx called "the
1264:
1055:
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1357:
1352:
1346:
904:
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they were poorly documented, and by the 1930s not well-known. Further, they did not form a unified school, but rather related heterodox ideas.
211:
136:
1994:
1635:
1164:
1883:
174:'s position towards underconsumption is ambivalent. On the one hand, he wrote that "the last cause of all real crises always remains the
376:
1779:
285:
Underconsumption theory dates to the earlier economic theory of mercantilism, and an early history of underconsumptionism is given in
325:, that underconsumptionism was not mentioned in "respectable circles" for another century, until it was raised in the later Malthus.
795:
268:
has occurred (e.g., 1931–33), private investment can be blocked by debt, unused capacity, pessimistic expectations, and increasing
1625:
672:
1843:
602:
As quoted by Franz
Mehring in his biography of Karl Marx, p. 404 of the 1935 Covici, Friede edition, tr. Edward Fitzgerald
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215:
1605:
1321:
933:
633:
582:
357:
929:
436:
There is that scattereth, and yet increaseth; and there is that withholdeth more than is meet, but it tendeth to poverty.
293:
Underconsumption was a small part of mercantilist theory, in
Heckscher's view, but was discussed by a number of authors.
67:
in
Britain in the 19th century, particularly from 1815 onwards, who advanced the theory of underconsumption and rejected
1984:
1979:
1487:
261:
in which abundant accumulation pulls up wages and raw material costs, depressing the rate of profit on the supply side.
1583:
1515:
1801:
360:
of economists argued an underconsumptionist theory from 1815, and some of the writings of the school's leading member
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1989:
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arise from an inadequate consumer demand, relative to the amount produced. In other words, there is a problem of
1768:
1556:
634:
Chapter 23. Notes on Mercantilism, The Usury Laws, Stamped Money and Theories of Under-Consumption, section VII
583:
Chapter 23. Notes on Mercantilism, The Usury Laws, Stamped Money and Theories of Under-Consumption, section VII
387:(1819), in one of the earliest systematic treatments of economic cycles. Properly, Sismondi discussed periodic
200:
1718:
1713:
1708:
369:
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and restricted consumption of the masses as compared to the tendency of capitalist production to develop the
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1863:
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481:
313:
189:, he provides the following critique of underconsumptionist theory: "It is sheer redundancy to say that
908:
182:
in such a way that only the absolute power of consumption of the entire society would be their limit."
98:, if not earlier. The concept of underconsumption had been used repeatedly as part of the criticism of
1372:
1217:
76:
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has pointed to two possible roles for underconsumption in the business cycle and the origins of the
194:
When people attempt to give this redundancy an appearance of some deeper meaning by saying that the
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68:
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46:
38:
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and similar sentiments date to antiquity, in addition to the mercantilist statements cited above:
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791:
544:
472:
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dates to work in the 1890s by the Australian economist Alfred De Lissa, the Danish politician
249:
226:
179:
45:
and overinvestment during a demand crisis. The theory formed the basis for the development of
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103:
50:
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1817:
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165:
135:
as much as (perhaps) the general economic environment in which they occur. Compare to the
132:
107:
440:
The liberal soul shall be made fat: and he that watereth shall be watered also himself.
156:(say, due to low and falling real wages) can cause a recession or deepening stagnation.
1116:
1094:
854:
477:
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380:
208:
42:
56:
1973:
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1376:
1198:
673:
The Ricardo-Malthus Debate on Underconsumption: A Case Study in Economic Conversation
568:
338:
290:
269:
195:
190:
75:. The economists did not form a unified school, and their theories were rejected by
1288:
1281:
1276:
1145:
1140:
1084:
507:
The theory of underconsumption has been criticized by classical economists such as
410:
240:
First, he interprets the dynamics of the U.S. economy in the 1920s as being one of
230:
83:
17:
99:
82:
Underconsumption is an old concept in economics that goes back to the 1598 French
785:
571:, vol. ii, p. 290, who discusses other examples. They are cited and discussed by
1698:
1254:
1213:
1159:
186:
1482:
512:
508:
417:, Nicholas Johannsen also proposed a theory of effective demand in the 1890s.
219:
870:
682:, History of Political Economy - Volume 31, Number 3, Fall 1999, pp. 563-574.
1293:
1224:
1125:
1121:
611:
528:
265:
34:
753:(1). Blackwell Publishing on behalf of the Economic History Society: 1–19.
229:
reject underconsumptionist stagnation theories. However, Marxian economist
987:
Herbert Hoover, the Economists, and American Economic Policy, 1921–1933
766:
731:
710:
Black, R. D. C. (1967). "Parson Malthus, the General and the Captain".
175:
218:." However, capitalist profit is based upon living, not "dead" (i.e.,
612:"The Origins of the 1929-33 Great Collapse: A Marxist Interpretation"
151:
may rise to counteract this effect. These other elements are private
758:
723:
402:
in his reconciliation of Sismondi's work with classical economics.
55:
745:
Checkland, S. G. (1948). "The Birmingham Economists, 1815-1850".
348:
Malthus was credited by Keynes as a predecessor for his views on
171:
1024:
970:
131:
because of this. Thus, underconsumption is not seen as part of
457:
An underconsumption theory of the economic cycle was given by
379:
proposed underconsumption and overproduction as causes of the
994:
Underconsumption Theories: A History and Critical Analysis
959:
Underconsumption Theories: A History and Critical Analysis
337:(1836) to underconsumption theory, which was rebutted by
88:
Les Trésors et richesses pour mettre l'Estat en splendeur
1006:
Alan H. Gleason, "Foster and Catchings: A Reappraisal,"
345:
and which debate continued in private correspondence.
302:
The Treasures and riches to put the State in splendor
92:
The Treasures and riches to put the State in splendor
496:
The General Theory of Employment, Interest and Money
1816:
1752:
1697:
1651:
1566:
1481:
1428:
1335:
1304:
855:"A Neglected Early Statement the Paradox of Thrift"
27:
Economic stagnation from inadequate consumer demand
1015:Marx & Keynes: The Limits of the Mixed Economy
106:, i.e., the level of production corresponding to
787:Business Cycles and Depressions: An Encyclopedia
281:16th century through 18th century – mercantilism
244:relative to demand. Stagnant wages (relative to
434:
1036:
971:Overproduction and Underconsumption Fallacies
8:
484:to engage in massive public works projects.
853:Nash, Robert T.; Gramm, William P. (1969).
653:Heckscher, vol ii, p. 208, cited by Keynes.
63:Underconsumption theory narrowly refers to
1043:
1029:
1021:
1001:The Economic Mind in American Civilization
691:Keynes, Essays in Biography, 1933, p. 103.
593:Marx 1933: 568, quoted in Sweezy 1970: 177
817:The origins of the Keynesian revolution
556:
385:Nouveaux Principes d'économie politique
671:Maclachlan, Fiona C. (Fiona Cameron),
137:tendency of the rate of profit to fall
831:Johannsen is cited in a footnote in:
7:
790:. Taylor & Francis. p. 22.
700:Keynes, General Theory, 1936, p. 32.
413:, and the German-American economist
296:The earliest reference given was to
1347:British credit crisis of 1772–1773
622:Volume II. Cited and discussed by
25:
1060:Commonwealth of Nations countries
170:The case is frequently made that
377:Jean Charles Léonard de Sismondi
1056:recessions in the United States
364:contained formulations of the
216:organic composition of capital
1:
996:Lawrence & Wishart (1976)
782:"Attwood, Thomas (1783-1856)"
333:Malthus devoted a chapter of
1995:Consumption (macroeconomics)
1008:Journal of Political Economy
859:History of Political Economy
819:, by Robert William Dimand,
1802:1997 Asian financial crisis
1435:Civil War-era United States
905:"Underconsumption Theories"
784:. In Glasner, David (ed.).
747:The Economic History Review
2011:
1578:Post–World War I recession
1398:Post-Napoleonic Depression
248:) mean that working-class
163:
1488:2nd Industrial Revolution
1421:(1836–1838 and 1839–1843)
1337:1st Industrial Revolution
1105:Price-and-wage stickiness
1066:
453:20th century – pre-Keynes
185:However, in Volume II of
124:Underconsumption Theories
1769:1990s United States boom
1557:Financial crisis of 1914
944:As discussed in Keynes,
871:10.1215/00182702-1-2-395
394:, while the notion of a
370:income-expenditure model
1584:Depression of 1920–1921
1516:Depression of 1882–1885
1430:Early Victorian Britain
1165:Real and nominal values
1003:(1959) vol 5 pp 339–351
934:Chapter 23, Section VII
780:Glasner, David (1997).
430:The Fallacy of Savings,
375:In continental Europe,
1689:Recession of 1969–1970
1684:Recession of 1960–1961
1643:Recession of 1937–1938
930:Chapter 22, Section IV
469:William Trufant Foster
450:
424:was stated in 1892 by
298:Barthélemy de Laffemas
96:Barthélemy de Laffemas
60:
1807:Early 2000s recession
1774:Early 1990s recession
1726:Early 1980s recession
1306:Commercial revolution
1204:Nominal interest rate
890:The Fallacy of Saving
482:Franklin D. Roosevelt
314:The Fable of The Bees
59:
1373:Copper Panic of 1789
1010:(Apr. 1959). 67:156+
834:Keynes, John Maynard
712:The Economic Journal
77:mainstream economics
65:heterodox economists
37:that recessions and
1985:Keynesian economics
1980:Classical economics
1709:1973–1975 recession
1653:Post–WWII expansion
1327:Great Frost of 1709
1155:Neutrality of money
1136:Classical dichotomy
1052:Economic expansions
1017:Merlin Press (1971)
985:William J. Barber.
946:The General Theory,
839:A Treatise on Money
624:John Maynard Keynes
573:John Maynard Keynes
540:Flooding the market
73:Ricardian economics
69:classical economics
47:Keynesian economics
18:Underconsumptionist
1891:COVID-19 recession
1551:Panic of 1910–1911
1383:Panic of 1796–1797
1209:Real interest rate
1177:Economic expansion
885:Robertson, John M.
678:2016-03-04 at the
629:The General Theory
578:The General Theory
517:Austrian economics
415:Nicholas Johannsen
319:Bernard Mandeville
254:luxury consumption
246:labor productivity
225:Many advocates of
61:
49:and the theory of
1990:Marxian economics
1967:
1966:
1678:Recession of 1958
1672:Recession of 1953
1666:Recession of 1949
1363:Thirteen Colonies
1170:Velocity of money
1100:Paradox of thrift
957:Bleaney, Michael
644:Keynes's wording.
545:Paradox of thrift
473:Waddill Catchings
463:Industrial System
446:Proverbs 11:24–25
426:John M. Robertson
422:paradox of thrift
358:Birmingham School
343:Notes on Malthus,
300:, who in 1598 in
250:consumer spending
227:Marxian economics
180:productive forces
53:after the 1930s.
16:(Redirected from
2002:
1759:Great Regression
1754:Great Moderation
1600:Great Depression
1589:Roaring Twenties
1110:Underconsumption
1080:Effective demand
1071:Aggregate demand
1045:
1038:
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1022:
999:Joseph Dorfman,
992:Michael Bleaney
973:
968:
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942:
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907:. Archived from
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534:Demand shortfall
448:
350:effective demand
235:Great Depression
153:fixed investment
149:aggregate demand
104:potential output
51:aggregate demand
31:Underconsumption
21:
2010:
2009:
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1969:
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1828:Great Recession
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1818:Information Age
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1757:
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1699:Great Inflation
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1568:Interwar period
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1498:Long Depression
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1437:
1433:
1424:
1339:
1331:
1308:
1300:
1265:U.S. recessions
1260:U.K. recessions
1192:U.S. expansions
1062:
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680:Wayback Machine
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536:– microeconomic
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400:Charles Dunoyer
398:was devised by
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264:Second, once a
242:over-investment
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166:economic crisis
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133:business cycles
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108:full employment
71:in the form of
33:is a theory in
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865:(2): 395–400.
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718:(305): 59–74.
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646:
637:
615:
604:
595:
586:
555:
554:
552:
549:
548:
547:
542:
537:
531:
524:
521:
504:
501:
489:
486:
478:Herbert Hoover
459:John A. Hobson
454:
451:
442:
381:economic cycle
368:effect and an
362:Thomas Attwood
330:
327:
310:
309:
282:
279:
277:
274:
237:of the 1930s.
209:rate of profit
161:
158:
144:
141:
119:
116:
43:overproduction
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
2007:
1996:
1993:
1991:
1988:
1986:
1983:
1981:
1978:
1977:
1975:
1958:
1955:
1953:
1952:United States
1950:
1948:
1945:
1943:
1940:
1938:
1935:
1933:
1930:
1928:
1925:
1923:
1920:
1918:
1915:
1913:
1910:
1908:
1905:
1903:
1900:
1898:
1894:
1893:
1892:
1889:
1885:
1884:United States
1882:
1880:
1877:
1875:
1872:
1870:
1867:
1865:
1862:
1860:
1857:
1855:
1852:
1850:
1847:
1845:
1842:
1840:
1837:
1835:
1831:
1830:
1829:
1826:
1825:
1823:
1819:
1815:
1808:
1805:
1803:
1800:
1796:
1795:United States
1793:
1791:
1788:
1786:
1783:
1781:
1777:
1776:
1775:
1772:
1770:
1767:
1766:
1764:
1760:
1755:
1751:
1743:
1742:United States
1740:
1738:
1735:
1733:
1729:
1728:
1727:
1724:
1720:
1719:United States
1717:
1715:
1712:
1711:
1710:
1707:
1706:
1704:
1700:
1696:
1690:
1687:
1685:
1682:
1679:
1676:
1673:
1670:
1667:
1664:
1661:
1660:
1658:
1654:
1650:
1644:
1641:
1637:
1636:United States
1634:
1632:
1629:
1627:
1624:
1622:
1619:
1617:
1614:
1612:
1609:
1607:
1603:
1602:
1601:
1598:
1595:
1592:
1590:
1587:
1585:
1582:
1579:
1576:
1575:
1573:
1569:
1565:
1558:
1555:
1552:
1549:
1546:
1545:Panic of 1907
1543:
1540:
1539:Panic of 1901
1537:
1534:
1531:
1530:Panic of 1893
1528:
1525:
1524:Baring crisis
1522:
1519:
1517:
1514:
1510:
1509:United States
1507:
1505:
1501:
1500:
1499:
1496:
1495:
1493:
1489:
1484:
1480:
1473:
1470:
1467:
1466:Panic of 1866
1464:
1461:
1458:
1457:Panic of 1857
1455:
1452:
1449:
1448:Panic of 1847
1446:
1443:
1442:
1440:
1436:
1431:
1427:
1420:
1419:Panic of 1837
1417:
1414:
1411:
1408:
1407:Panic of 1825
1405:
1402:
1399:
1396:
1393:
1390:
1387:
1384:
1381:
1378:
1377:Panic of 1792
1374:
1371:
1368:
1364:
1361:
1359:
1356:
1354:
1350:
1349:
1348:
1345:
1344:
1342:
1338:
1334:
1328:
1325:
1323:
1322:Slump of 1706
1320:
1317:
1314:
1313:
1311:
1307:
1303:
1295:
1292:
1291:
1290:
1287:
1283:
1280:
1278:
1275:
1274:
1273:
1270:
1266:
1263:
1261:
1258:
1256:
1253:
1251:
1248:
1246:
1243:
1241:
1238:
1236:
1233:
1231:
1230:Balance sheet
1228:
1227:
1226:
1223:
1219:
1215:
1212:
1210:
1207:
1205:
1202:
1201:
1200:
1199:Interest rate
1197:
1193:
1190:
1188:
1185:
1183:
1180:
1179:
1178:
1175:
1171:
1168:
1166:
1163:
1161:
1158:
1156:
1153:
1151:
1147:
1144:
1142:
1139:
1137:
1134:
1132:
1129:
1128:
1127:
1123:
1120:
1118:
1115:
1111:
1108:
1106:
1103:
1101:
1098:
1096:
1093:
1091:
1088:
1086:
1083:
1081:
1078:
1077:
1076:
1072:
1069:
1068:
1065:
1061:
1057:
1053:
1046:
1041:
1039:
1034:
1032:
1027:
1026:
1023:
1016:
1013:Paul Mattick
1012:
1009:
1005:
1002:
998:
995:
991:
988:
984:
983:
979:
972:
967:
964:
960:
954:
951:
947:
941:
938:
935:
931:
925:
922:
911:on 2009-08-21
910:
906:
900:
897:
892:
891:
886:
880:
877:
872:
868:
864:
860:
856:
849:
846:
842:. p. 90.
841:
840:
835:
828:
825:
822:
818:
813:
810:
799:
797:0-8240-0944-4
793:
789:
788:
783:
776:
773:
768:
764:
760:
756:
752:
748:
741:
738:
733:
729:
725:
721:
717:
713:
706:
703:
697:
694:
688:
685:
681:
677:
674:
668:
665:
659:
656:
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647:
641:
638:
635:
632:
630:
625:
619:
616:
613:
608:
605:
599:
596:
590:
587:
584:
581:
579:
574:
570:
569:Eli Heckscher
566:
565:Mercantilism,
560:
557:
550:
546:
543:
541:
538:
535:
532:
530:
527:
526:
522:
520:
518:
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427:
423:
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408:
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397:
393:
392:
386:
382:
378:
373:
371:
367:
363:
359:
354:
351:
346:
344:
340:
339:David Ricardo
336:
328:
326:
324:
320:
316:
315:
307:
306:
305:
303:
299:
294:
292:
291:Eli Heckscher
288:
280:
275:
273:
271:
270:social unrest
267:
262:
259:
255:
251:
247:
243:
238:
236:
232:
228:
223:
221:
217:
213:
210:
205:
202:
197:
196:working class
192:
188:
183:
181:
177:
173:
167:
159:
157:
154:
150:
142:
140:
138:
134:
130:
125:
117:
115:
111:
109:
105:
101:
97:
93:
89:
85:
80:
79:of the time.
78:
74:
70:
66:
58:
54:
52:
48:
44:
40:
36:
32:
19:
1869:South Africa
1626:South Africa
1472:Black Friday
1289:Unemployment
1146:Money supply
1141:Disinflation
1109:
1085:General glut
1014:
1007:
1000:
993:
986:
980:Bibliography
966:
958:
953:
945:
940:
924:
913:. Retrieved
909:the original
899:
889:
879:
862:
858:
848:
837:
827:
812:
801:. Retrieved
786:
775:
750:
746:
740:
715:
711:
705:
696:
687:
667:
658:
649:
640:
627:
618:
607:
598:
589:
576:
564:
559:
506:
494:
491:
467:
462:
456:
439:
435:
429:
419:
411:Julius Wulff
404:
395:
390:
384:
374:
355:
347:
342:
334:
332:
329:19th century
312:
311:
301:
295:
287:Mercantilism
286:
284:
263:
239:
231:James Devine
224:
206:
201:Anwar Shaikh
184:
169:
146:
123:
122:In his book
121:
112:
91:
87:
84:mercantilist
81:
62:
30:
29:
1937:New Zealand
1895:2020–2022;
1859:New Zealand
1832:2007–2009;
1778:1990–1991;
1762:(1982–2007)
1730:1980–1982;
1702:(1973–1982)
1680:(1957–1958)
1674:(1953–1954)
1668:(1948–1949)
1656:(1945–1973)
1621:New Zealand
1604:1929–1939;
1580:(1918–1919)
1571:(1918–1939)
1553:(1910–1912)
1547:(1907–1908)
1541:(1902–1904)
1532:(1893–1897)
1526:(1890–1891)
1502:1873–1879;
1491:(1870–1914)
1474:(1869–1870)
1468:(1865–1867)
1459:(1857–1858)
1450:(1847–1848)
1438:(1840–1870)
1409:(1825–1826)
1400:(1815–1821)
1385:(1796–1799)
1379:(1789–1793)
1351:1772–1774;
1340:(1760–1840)
1318:(1430–1490)
1316:Great Slump
1309:(1000–1760)
1255:Stagflation
1214:Yield curve
1160:Price level
948:Chapter 23.
476:influenced
187:Das Kapital
1974:Categories
1902:Bangladesh
1839:Bangladesh
1483:Gilded Age
1235:Depression
1187:Stagnation
915:2009-07-27
803:2009-06-15
551:References
513:Adam Smith
509:James Mill
407:multiplier
366:multiplier
335:Principles
323:temperance
164:See also:
129:depression
39:stagnation
1942:Singapore
1897:Australia
1874:Sri Lanka
1834:Australia
1780:Australia
1606:Australia
1596:1926–1927
1593:1923–1924
1559:(1913–14)
1535:1899–1900
1391:1807–1810
1388:1802–1804
1369:1785–1788
1294:Sahm rule
1225:Recession
1126:Inflation
1122:Deflation
563:Cited in
529:Austerity
503:Criticism
389:economic
383:, in his
341:, in his
266:recession
143:Keynesian
100:Say's Law
35:economics
1927:Malaysia
1912:Botswana
1864:Pakistan
1854:Malaysia
1358:Scotland
1218:Inverted
1182:Recovery
887:(1892).
836:(1930).
676:Archived
523:See also
465:(1910).
443:—
1932:Namibia
1520:1887–88
1462:1860–61
1453:1853–54
1444:1845–46
1415:1833–34
1412:1828–29
1403:1822–23
1353:England
1245:Rolling
1131:Chronic
767:2590000
732:2229348
662:Keynes.
461:in his
428:in his
276:History
220:machine
212:to fall
176:poverty
160:Marxian
1957:Zambia
1917:Canada
1907:Belize
1844:Canada
1809:(2001)
1785:Canada
1732:Canada
1611:Canada
1282:Supply
1277:Demand
1250:Shapes
1240:Global
1150:demand
1075:Supply
989:(1985)
961:(1976)
932:, and
821:p. 117
794:
765:
730:
488:Legacy
391:crises
258:bubble
191:crises
118:Theory
1922:India
1849:India
1616:India
1272:Shock
1090:Model
763:JSTOR
728:JSTOR
396:cycle
94:) by
86:text
1662:1945
1394:1812
1058:and
1054:and
792:ISBN
480:and
471:and
420:The
405:The
356:The
172:Marx
928:In
867:doi
755:doi
720:doi
626:in
575:in
567:by
317:by
289:by
1976::
861:.
857:.
761:.
749:.
726:.
716:77
714:.
519:.
511:,
499:.
372:.
110:.
1756:/
1485:/
1432:/
1375:/
1216:/
1148:/
1124:/
1073:/
1044:e
1037:t
1030:v
918:.
893:.
873:.
869::
863:1
806:.
769:.
757::
751:1
734:.
722::
631:,
580:,
90:(
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
