Recession, Rent and Debt: Quasi-Ricardian and Quasi-Keynesian Components of Non-Recovery

Michael Lipton

Chapter 4 in Theory and Reality in Development, 1986, pp 58-86 from Palgrave Macmillan

Abstract: Abstract The UK Development Studies Association bravely took as its theme, for its September 1983 conference, ‘the continuing recession’. Then, and even more than a year later, the organisers may have appeared foolhardy. The main US indicators, especially real GNP, apparently signalled a strong and prolonged recovery. Many world commodity prices — their record lows of mid-1982 the despair of development experts2 — were moving upwards. For a while, even inflation seemed to be recovering; but at the September 1984 Bank-Fund meeting the IMF reported that 1984 was the best year for the world economy since 1976, anticipated 5 per cent real growth in industrial countries’ real GNP, and applauded the apparent containment of inflation, and even (outside Europe) of unemployment.

Keywords: Profit Share; General Glut; Extra Income; Wage Share; Extra Demand (search for similar items in EconPapers)
Date: 1986
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-18128-5_4

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DOI: 10.1007/978-1-349-18128-5_4

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