Economy of Unnecessary Output (Institutional Characteristics of the Circuit of Losses)

Экономика ненужной продукции

Blokhin, Andrey (Блохин, Андрей) ()
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Blokhin, Andrey (Блохин, Андрей): Institute of Economic Forecasting, Russian Academy of Sciences

Ekonomicheskaya Politika / Economic Policy, 2015, vol. 1, 7-40

Abstract: The paper deals with the mechanisms of transformation of stochastic economic losses into a stable pattern of “empty” or “bubble” prices not backed up with costly goods and services. The author explains how mistakes in economic activity and business objectives often accumulate and lead to system distortions of economic information, structural disparities, institutional traps and other negative effects. The author considers this combination of mechanisms as an “useless product economy”. Those occasional losses are present in any economy. However, a significant increase in such losses is dangerous and can lead to crises. The author considers the methods of description, prevention and elimination of unnecessary production.

Keywords: useless product; objectives; economic information; forecast; institutional traps; crises (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:rnp:ecopol:ep1515

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