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2011 | 248 Konkurencyjność i innowacyjność gospodarki a bezrobocie | 23-37
Tytuł artykułu

Globalna recesja i kryzys finansowy czy kryzys ekonomii?

Treść / Zawartość
Warianty tytułu
Global Recession or Crisis of Economics?
Języki publikacji
PL
Abstrakty
Celem opracowania S. I. Bukowskiego jest próba odpowiedzi na pytanie, czy na gruncie dorobku teorii ekonomii da się wyjaśnić ex ante zjawiska zachodzące w gospodarce. Autor ponadto podejmuje również kwestię roli polityki makroekonomicznej w przeciwdziałaniu recesji. (fragment tekstu)
EN
Business cycle, economic expansion and recession are natural phenomena in market economy, such natural as inflow and outflow of the sea, or the phases of the moon. Recession is natural mechanism of clearance of the economy from the inefficient economic units and the mechanism of economic equilibrium restoring after turbulence connected with economic growth. Global recession begun in the 2008. But still in the end of November and beginning of December of 2007 the top point of business cycle in the American economy was noted. H. P. Minsky pays attention to the fragility of financial system before top turning point of business cycle. He states that during the dynamic economic growth the financial structures in the market economy are created which are susceptible to deflation, decrease of assets value, deep depression. Financial system stimulates consumer and investment demand, leads to full employment and high rate of economic growth, but with that process is connected with worsening of financing structure. Expansive economic policy (monetary and fiscal) intensifies negative tendencies and leads to the speculation bubbles, especially on the real estates market. Development of financial engineering, lack of the stockholders control over the relations between rate of return and risk make financial crises growing with recession deeper. The phenomena have described above determine depth of the present recession. Does present recession mean also crises of economics? It seems that no. Recession and financial crises are undoubtedly stimulus of new conceptions creation explaining the role of financial sector in the economy and in the process of economic growth. Undoubtedly, institutional economics can play substantial role in explaining of the reasons which have determined depth of present recession (problem of the owner's control in the corporations). Government economic policy against recession is also substantial problem. Have the fiscal packets been necessary? If does not such that fiscal policy will bring long -term economic stagnation and destabilization of economies? Those questions are open. The author will try to outline answers based on the present state of the economic theory. (original abstract)
Twórcy
  • Politechnika Radomska im. Kazimierza Pułaskiego
Bibliografia
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  • R. Barczyk, L. Kąsek, M. Lubiński, K. Marczewski, Nowe oblicza cyklu koniunkturalnego. PWE, Warszawa 2006, s. 15
  • R. J. Barro , Inflation and Economic Growth, "NBER Working Paper " No 5326, 1995
  • W. Bieńkowski, Reaganomika i jej wpływ na konkurencyjność gospodarki amerykańskiej, Warszawa 1995
  • Briefing: The state of economics, "The Economist", July 18lh-24th 2009, s. 71-72
  • E. F. Fama, Efficient Capital Markets: A Review of Theory and Empirical Work, "Journal of Finance", Vol. 25, Issue 2, Papers and Proceedings of the Twenty-Eight Annual Meeting of American Finance Association New York, N.Y., December 28-30 1969 (May 1970), s. 383-417
  • E. F. Fama, Efficient Capital Markets II, "Journal of Finance", Vol. 46, Issue 5, December 1991, s. 1575-1617
  • S. Fischer, The Role of Macroeconomic Factors in Growth, "NBER Working Paper" No 4565, 1993
  • F. Giavazzi, M. Pagano, Can severe fiscal contractions be expansionary? Tales of two small European economies "NBER Working Paper" 1990, nr 3372
  • A. Gosh, S. Philips, Warning: Inflation may be Harmful to your Growth, "IMF Staff Papers" Vol. 45, No 4, 1998
  • R. Lucas, In Defence of Dismal Science, Economic Focus, 'The Economist" August 8th-14th 2009, s. 68
  • T. Mayer, Prawda kontra precyzja w ekonomii, Wydawnictwo Naukowe PWN, Warszawa 1996, s. 41-54
  • Minsky H. P., The Financial Instability Hypothesis, The Jerome Levy Economics Institute of Bard College, Working Paper No. 74. May 1992
  • F.S. Mishkin, Anatomy of a financial crisis, NBER, Working Paper 3934, December 1991 s.10-14
  • M. Sarel, Non-Linear Effects of Inflation on Economic Growth, "IMF Working Paper" No WP/95/56, 1995
  • J. E. Stiglitz, Freefall: America, Free Markets, and the Sinking of the World Economy, W. W. Norton & Company New York, London 2010, s. 238-274
Typ dokumentu
Bibliografia
Identyfikatory
DOI
Identyfikator YADDA
bwmeta1.element.ekon-element-000171190227
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