Today, the world economy is at the brink of a major recession at zero lower bound. The recession has been fomented by the underconsumption induced by (i) the increasing income inequality, which is inherent in the neoliberal policymaking followed the last third of a century, and (ii) the...

Business cycles and economic growth have long been studied separately, hindering understanding of the nature and causes of economic fluctuations and growth. Here, we present an economic model that incorporates both deterministic trends and persistent fluctuations, derived from a general economic...

The economic downturn which had begun in the rich countries of the North is hurting the millions of innocent people of the developing South. While a large section of economist believe that the financial crisis that had began in America's sub-prime mortgage market, later snow balled into a global...

The goal of this paper is to provide stylized facts on recovery from economic downturns and to evaluate the role of macroeconomic policies in promoting recovery. In particular, we examine gross domestic product (GDP) recessions and financial downturns (credit contractions and stock price...

A system of thought allowed for the free market price of land to cyclically go down to zero. This is the economics of Moses. The economics of Jesus is a restatement of the economics of Moses. The first was applied during Biblical times and the latter, united with Aristotle’s thought and...

For a long while after the explosion of macroeconomics in the 1970s, the field looked like a battle field. Over time however, largely because facts do not go away, a largely shared vision both of fluctuations and of methodology has emerged. Not everything is fine. Like all revolutions, this one...

Spanish Abstract: Indonesia ha sido tradicionalmente uno de los centros globales de abastecimiento de commodities, al punto que la búsqueda de una ruta alternativa a ella desencadena el descubrimiento de América. A pesar de su tradicional importancia, esta y muchas otras facetas suyas se...

Empirical data is presented suggesting that high private and, to a lesser extent, public debt levels place a strong drag upon economic growth. A simple, demand-based, cash flow (DBCF) model of the economy is developed, separating out flows by marginal propensity to spend. This approach is both...

Standard economics starts with behavioral axioms and arrives at conclusions about the equilibrium properties of the economy as a whole at point t. The present paper employs objective structural axioms and random changes in order to determine the conditions for market clearing and budget...

Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...