An Analysis on Three Inflection Points on Four Economic Phases
Economic cycles can be represented in a sequence of four economic phases. These four phases are Thetical economy, Bubble economy, Bubble collapse economy, and Antithetical economy. This is a description of an economic cycle in Kinoshita’s economic scheme: Thetical economics and Antithetical economics. In this paper, we describe mechanisms of three inflection points of these four phases. We focus on the consumption propensity, and we construct a model that a change of the consumption propensity causes transitions of these phases. Through the modeling and its analyses of inflection points, we clear a nature of economic phases. A market enlarges its economic scale in phases before a bubble collapse, and the market optimizes its economic activities in phases after the collapse.
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