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Conversely, any economic quantity that is negatively correlated with the overall state of the economy is said to be countercyclical. [3] That is, quantities that tend to increase when the overall economy is slowing down are classified as 'countercyclical'. Unemployment is an example of a countercyclical variable. [4]
Marx and Keynesians approach and apply the concept of economic crisis in distinct and opposite ways. [68] The Keynesian approach attempts to stay strictly within the economic sphere and describes 'boom' and 'bust' cycles that balance out.
The rise of one group of semi-peripheries tends to be at the cost of another group, but the unequal structure of the world economy based on unequal exchange tends to remain stable. [17] Tausch [ 17 ] traces the beginnings of world-systems theory to the writings of the Austro-Hungarian socialist Karl Polanyi after the First World War , but its ...
In economics, secular stagnation is a condition when there is negligible or no economic growth in a market-based economy. [1] [2] In this context, the term secular means long-term (from Latin "saeculum"—century or lifetime), and is used in contrast to cyclical or short-term. It suggests a change of fundamental dynamics which would play out ...
Most developed and mature economies of the world (USA, Japan, Western Europe) are undergoing long-term transformation towards a “new normal” of doing business, state governance and ways of life. Cyclical crisis is a parallel, accompanying phenomenon, subject to different causes, special rules and separate dynamics.
Contemporary economic sociology may include studies of all modern social aspects of economic phenomena; economic sociology may thus be considered a field in the intersection of economics and sociology. Frequent areas of inquiry in contemporary economic sociology include the social consequences of economic exchanges, the social meanings they ...
Also notable in Ricardo's economic theory was that profit was a deduction from society's output and that wages and profit were inversely related: [7] an increase in profit came at the expense of a reduction in wages. Marx built much of the formal economic analysis found in Capital on Ricardo's theory of the economy.
The following is a theoretical critique concerned with the basic claims of world-system theory: "There are today no socialist systems in the world-economy any more than there are feudal systems because there is only one world system. It is a world-economy and it is by definition capitalist in form." [56]