Realization and costs: reply to Goldstein

Howard J. Sherman
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Howard J. Sherman: Department of Political Science, University of California, Los Angeles, CA 90095-1472, USA; Tel.: + 1-310-475-7244 sherman@polisci.ucla.edu

Review of Radical Political Economics, 2002, vol. 34, issue 2, 179-186

Abstract: This is a reply to an article which argued that supply-side costs are solely responsible for cyclical contractions and that demand plays only a negligible role. My reply emphasizes that cyclical downturns are caused by both limited demand and rising costs. The limited demand is caused by shifts in income distribution away from workers, while the rising costs include raw material prices as well as interest rates.

Keywords: Economic crisis; Realization theory; Cost theory (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:34:y:2002:i:2:p:179-186

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