O'Reilly logo

The 21st-Century Case for a Managed Economy: The role of disequilibrium, feedback loops and scientific method in post-crash economics by Sean Harkin

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

3. The Business Cycle: How Feedback Drives Economic Volatility

When it comes to understanding the ups and downs of the economy, economists have traditionally thought in terms of long-run equilibrium. In individual markets, they have seen the forces of supply and demand keeping price and volume at an equilibrium level that changes only when the factors underlying supply and demand – things such as tastes and technology – themselves change. And, in the aggregate economy, they have seen changes in the prices of factors of production (natural resources, labour, capital and other inputs) bringing aggregate supply and demand back into line with one another at a level equal to long-run equilibrium output – albeit probably at a different average price ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required