The Business Cycle: A Kelsonian Analysis

Michael D. Greaney

American Journal of Economics and Sociology, 2015, vol. 74, issue 2, 379-418

Abstract: Increasingly dramatic swings in economic activity are characteristic of the modern business cycle that results from the failure of Say's Law of Markets to operate. From the perspective of the banking principle of the Smithian school of classical economics, the swings of the modern business cycle are a symptom of a badly structured economic order based on inadequate or incorrect principles. The problems associated with the modern business cycle are, however, entirely solvable with the tools and techniques of binary economics as applied in a manner consistent with the principles of economic and social justice as proposed under Capital Homesteading.

Date: 2015
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