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Technological Shift and the Rise of a New Finance System. The Market-pendulum Model

Lucy Badalian () and Victor Krivorotov ()
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Victor Krivorotov: Millennium Workshop, Reston, VA

European Journal of Economic and Social Systems, 2008, vol. 21, issue 2, 233-266

Abstract: The purpose during globalization, huge new demand causes resource shortages and inflation. This gives a boost to new technologies, potentially able to resolve them. Any radically new technology is decades away from commercialization--its implementation after a systemic sudden stop (3S) depends on finding a brand-new accumulation engine (AE). Meanwhile, efforts to reduce production costs through scale efficiencies reverse the supply-demand equation: from shortages of supplies to shortages of demand. Our market-pendulum-model shows that the mid-term market equilibrium ends with market failures (3S). Historically, generation of adequate demand for drastically new products took at least a few decades, causing a seismic shift: i.e., mass steel/oil/electricity of the early 20th century came to age after WWII only.

Keywords: Market-Pendulum Model; Globalization; Supply-Demand; Monetization; Market Equilibrium; 3S. (search for similar items in EconPapers)
JEL-codes: B51 N10 O33 O42 P16 (search for similar items in EconPapers)
Date: 2008
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