Rents and the Securities Markets
Edward Nell
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Edward Nell: New School
Chapter Chapter 10 in Henry George and How Growth in Real Estate Contributes to Inequality and Financial Instability, 2019, pp 121-134 from Palgrave Macmillan
Abstract:
Abstract Here the whole argument will be pulled together, developing a picture of a cyclical pattern of interaction between the real and financial sides of the economy, drawing on an unstable money supply system, most likely culminating in a crash. The cycle is sketched, showing the forces that generate an expansion, then the upturn of financial speculation, leading to excess, followed by the changes that bring about a downturn and a crash. The role of rent-based securities in the cycle is surprisingly important, and has not previously received the attention it deserves.
Keywords: Business cycle; Financial speculation; Monetary instabilityIncreasing returns (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psochp:978-3-030-18663-0_10
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DOI: 10.1007/978-3-030-18663-0_10
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