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Rents and the Securities Markets

  • Edward Nell
Chapter
Part of the Palgrave Studies on Henry George for the 21st Century book series (PSHGC)

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 

Bibliography

  1. Kindleberger, Charles. (1978) Manias, Panics and Crashes: A History of Financial Crises. New York: Basic Books.Google Scholar
  2. Minsky, Hyman P. (1986) Stabilizing an Unstable Economy, New Haven: Yale University Press.Google Scholar
  3. Nell, E J. (1998a) The General Theory of Transformational Growth: Keynes after Sraffa. Cambridge: Cambridge University Press.Google Scholar
  4. Nell, E J, ed. (1998b) Transformational Growth and the Business Cycle. London: Routledge.Google Scholar
  5. Nell, E J and Errouaki, K. (2013) Rational Econometric Man. Cheltenham: Edward Elgar.CrossRefGoogle Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Edward Nell
    • 1
  1. 1.New SchoolNew YorkUSA

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