search query: @author Scitovsky, T. / total: 5
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| Author: | Scitovsky, T. |
| Title: | Towards a theory of second-hand markets |
| Journal: | Kyklos
1994 : VOL. 47:1, p. 33-52 |
| Index terms: | MARKETS FINANCIAL MARKETS MONEY |
| Language: | eng |
| Abstract: | The paper introduces second-hand markets into the economic models the better to explain the demise of Say's Law in today's economics. It shows that hoarding any commodity can, under certain conditions, depress the economy, that unhoarding often stimulates it, and also explains why Keynesian employment policy is losing its effectiveness and why the U.S. economy seems to be depression-prone. A safer and simpler, yet no less challenging and fulfilling alternative to productive investment has arisen that tends to crowd it out. |
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