Oscillations in rational economies.
Economic (business) cycles are some of the most noted features of market economies, also ranked among the most serious of economic problems. Despite long historical persistence, the nature and the origin of business cycles remain controversial. In this paper we investigate the problem of the nature...
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| Format: | Article |
| Language: | English |
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Public Library of Science (PLoS)
2014-01-01
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| Series: | PLoS ONE |
| Online Access: | http://europepmc.org/articles/PMC3914856?pdf=render |
| _version_ | 1818983619112206336 |
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| author | Yuriy Mishchenko |
| author_facet | Yuriy Mishchenko |
| author_sort | Yuriy Mishchenko |
| collection | DOAJ |
| description | Economic (business) cycles are some of the most noted features of market economies, also ranked among the most serious of economic problems. Despite long historical persistence, the nature and the origin of business cycles remain controversial. In this paper we investigate the problem of the nature of business cycles from the positions of the market systems viewed as complex systems of many interacting market agents. We show that the development of cyclic instabilities in these settings can be traced down to just two fundamental factors - the competition of market agents for market shares in the settings of an open market, and the depression of market caused by accumulation of durable overproduced commodities on the market. These findings present the problem of business cycles in a new light as a systemic property of efficient market systems emerging directly from the free market competition itself, and existing in market economies at a very fundamental level. |
| first_indexed | 2024-12-20T18:05:59Z |
| format | Article |
| id | doaj.art-cbd7502d6f7a47199001715af274e976 |
| institution | Directory Open Access Journal |
| issn | 1932-6203 |
| language | English |
| last_indexed | 2024-12-20T18:05:59Z |
| publishDate | 2014-01-01 |
| publisher | Public Library of Science (PLoS) |
| record_format | Article |
| series | PLoS ONE |
| spelling | doaj.art-cbd7502d6f7a47199001715af274e9762022-12-21T19:30:34ZengPublic Library of Science (PLoS)PLoS ONE1932-62032014-01-0192e8782010.1371/journal.pone.0087820Oscillations in rational economies.Yuriy MishchenkoEconomic (business) cycles are some of the most noted features of market economies, also ranked among the most serious of economic problems. Despite long historical persistence, the nature and the origin of business cycles remain controversial. In this paper we investigate the problem of the nature of business cycles from the positions of the market systems viewed as complex systems of many interacting market agents. We show that the development of cyclic instabilities in these settings can be traced down to just two fundamental factors - the competition of market agents for market shares in the settings of an open market, and the depression of market caused by accumulation of durable overproduced commodities on the market. These findings present the problem of business cycles in a new light as a systemic property of efficient market systems emerging directly from the free market competition itself, and existing in market economies at a very fundamental level.http://europepmc.org/articles/PMC3914856?pdf=render |
| spellingShingle | Yuriy Mishchenko Oscillations in rational economies. PLoS ONE |
| title | Oscillations in rational economies. |
| title_full | Oscillations in rational economies. |
| title_fullStr | Oscillations in rational economies. |
| title_full_unstemmed | Oscillations in rational economies. |
| title_short | Oscillations in rational economies. |
| title_sort | oscillations in rational economies |
| url | http://europepmc.org/articles/PMC3914856?pdf=render |
| work_keys_str_mv | AT yuriymishchenko oscillationsinrationaleconomies |