Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/157996
Authors: 
Nitzan, Jonathan
Year of Publication: 
1992
Abstract: 
This essay deals with the relationship between stagflation and the process of restructuring. The literature dealing with the interaction of stagnation and inflation is invariably based on some explicit or implicit assumptions about economic structure, but there are very few writings which concentrate specifically on the link between the macroeconomic phenomenon of stagflation and the process of structural change. Of the few who dealt with this issue, we have chosen to focus mainly on two important contributors – Mancur Olson and Thorstein Veblen. The first based his theory on neoclassical principles, attempting to demonstrate their universality across time and place. The second was influenced by the historical school and concentrated specifically on the institutional features of modern capitalism. Despite the fundamental differences in their respective frameworks, both writers arrive at a similar conclusion, namely, that the phenomenon of stagflation is inherent in the dynamic evolution of collective economic action, particularly in the rise and consolidation of 'distributional coalitions.'
Subjects: 
absentee ownership
intangible assets
big business
bonds
capital accumulation
capitalism
collective action
collusion
corporation
credit
degree of monopoly
distributional coalitions
excess capacity
finance
immaterial wealth
income distribution
industry
inflation
institutions
interest
labour liabilities
machine process
material wealth
neoclassical economics
normal rate of return
power
price
profit
productivity
property
sabotage
scarcity
stagnation
stagflation
stocks
tangible assets
technology
United States
value
URL of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by-nc-nd/4.0/
Document Type: 
Conference Paper

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