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Development Blocks, Malinvestment and Structural Tensions – the Åkerman-Dahmén Theory of the Business Cycle
Stockholm University, Faculty of Social Sciences, Department of Economics.
2011 (English)In: Journal of Institutional Economics, ISSN 1744-1374, Vol. 7, no 1, 105-129 p.Article in journal (Refereed) Published
Abstract [en]

Johan Åkerman and Erik Dahmén's institutional theory of economic fluctuations is a constructive alternative to traditional macroeconomic approaches and also to modern business-cycle analysis based on microeconomic optimization models. By its integration of a business-cycle and growth perspective, Åkerman and Dahmén's analysis was similar to that of Schumpeter in Business Cycles. But their notions of malinvestment, structural tensions, and development blocks provided an original explanation of the turning points in the business cycle. The Åkerman–Dahmén approach is more valid for innovation-driven cycles such as the ICT boom in the late 1990s and the subsequent crisis than for cycles with an independent role of financial-market conditions.

Place, publisher, year, edition, pages
2011. Vol. 7, no 1, 105-129 p.
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URN: urn:nbn:se:su:diva-53603DOI: 10.1017/S1744137410000196ISI: 000293182100005OAI: diva2:391021
Available from: 2011-01-24 Created: 2011-01-24 Last updated: 2012-01-24Bibliographically approved

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