Atlantic Economic Journal

, Volume 21, Issue 2, pp 78–84 | Cite as

Long-wave rhythms in economic development and political behavior Brian J. L. Berry Baltimore, MD: Johns Hopkins University Press, 1991, 241 pp.

  • Robert D. Ley
Articles
  • 32 Downloads

Abstract

The author's principal contention is that there are long cycles (i.e., 55 years) in the time path of the economy. While tied to innovations, these co-movements of prices and outputs produce a complex pattern that has proven hard to disentangle. The pattern is not rigid, however; the author clearly believes that institutions can be modified to contain fluctuations while preserving the progressive nature of the system. Less certainly, related cycles may exist in other areas such as politics and international relations.

While interesting, the argument presented is not completely persuasive. There is an inconsistency between the picture of a very durable, powerful mechanism which has lasted for centuries on the one hand and the depiction of a mechanism that partly failed in the face of shocks during the mid-twentieth century on the other.

Keywords

Economic Development International Economic Public Finance Complex Pattern International Relation 

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Baumol, William; Benhabib, Jess. "Chaos: Significance, Mechanism, and Economic Applications,"Journal of Economic Perspectives, 3, 1, 1989, pp. 77–105.Google Scholar
  2. Goldstein, Joshua S.Long Cycles: Prosperity and War in the Modern Age, New Haven, CT: Yale University Press, 1988.Google Scholar
  3. Hansen, Alvin.Fiscal Policy and Business Cycles, New York, NY: W. W. Norton and Co., 1938.Google Scholar
  4. Kennedy, Paul.The Rise and Fall of Great Power, New York, NY: Random House, 1987.Google Scholar
  5. Kindleberger, Charles. "Dominance and Leadership in the International Economy,"International Studies Quarterly, 25, 2, June 1981, pp. 242–54.Google Scholar
  6. Prechter, Jr., Robert R.The Major Works of R. N. Elliott, Gainsville, GA: New Classics Library, 1986.Google Scholar
  7. Schumpeter, Joseph A.Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process, London: McGraw Hill, 1939.Google Scholar
  8. Slutsky, Eugene. "The Summation of Random Causes as the Sources of Cyclic Processes,"Econometrica, 5, 2, 1937, pp. 107–46.Google Scholar
  9. Weintraub, Sidney.Capitalism's Inflation and Unemployment Crisis, Reading, MA: Addison-Wesley Publishing Co., 1978.Google Scholar

Copyright information

© Atlantic Economic Society 1993

Authors and Affiliations

  • Robert D. Ley
    • 1
  1. 1.Lewis-Clark State CollegeUSA

Personalised recommendations