Why There Is Chronic Excess Capacity

James R. Crotty

Challenge, 2002, vol. 45, issue 6, pages 21-44

Abstract: Why is there excess capacity in the world today? The neoclassical economics that came to power in the 1970s argues essentially that supply should create its own demand--Say's Law. But it has not worked out that way. This economist returns to the work of early theorists to explain what happened, and why the de-emphasis of demand-oriented policies has failed to work.

Date: 2002
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