Economic fluctuations in Australia, 1948 to 1964 /
Waterman, Anthony Michael C.
Economic fluctuations in Australia, 1948 to 1964 / - Canberra : Australian National University Press, c1972. - xvi, 227 p. :ill,
Includes index.
Includes bibliographical references: p. 214-219.
Market failure at medium intervals is inevitable in a capitalist economy. Such failures may not be seriously seen in the short run because market adjusts demand through hoarding of inventory or import of required goods and services. The market also adjusts demand in the long run through expansion of concerned industrial output and also by the entry of new firms. The crucial variable is price which also adjusts the commodity and the labor market. The problem comes when there are issues of overproduction, over capacity utilization of plants, over liquidation and excess supply of money, change in demand because of change in tastes and habits of consumers, households and the public. All these create knife edge disturbances in the economy.
0708108148
Business cycles.
Australia — Economic conditions — 1945.
Australia.
HC605 / .W46
330.9'94'05 / WAT
Economic fluctuations in Australia, 1948 to 1964 / - Canberra : Australian National University Press, c1972. - xvi, 227 p. :ill,
Includes index.
Includes bibliographical references: p. 214-219.
Market failure at medium intervals is inevitable in a capitalist economy. Such failures may not be seriously seen in the short run because market adjusts demand through hoarding of inventory or import of required goods and services. The market also adjusts demand in the long run through expansion of concerned industrial output and also by the entry of new firms. The crucial variable is price which also adjusts the commodity and the labor market. The problem comes when there are issues of overproduction, over capacity utilization of plants, over liquidation and excess supply of money, change in demand because of change in tastes and habits of consumers, households and the public. All these create knife edge disturbances in the economy.
0708108148
Business cycles.
Australia — Economic conditions — 1945.
Australia.
HC605 / .W46
330.9'94'05 / WAT