By Geoffrey M. Hodgson
Contemporary occasions in jap Europe have underlined the constraints of Marxian financial and political thought. during this choice of essays Hodgson matters Marxian fiscal concept to severe exam and indicates which parts maintain their glossy relevance. After analysing the contribution of Sraffa, and indicating its serious strength and theoretical barriers, Hodgson issues to a brand new synthesis embracing Marx, Keynes and Veblen.
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Balance of Payments Statistics of Hong Kong, Third Quarter 2005. 50 Alan K. F. Siu and Yue-Chim Richard Wong 4. P. (1998). “The Changing Economic Function of the New York Region,” Research of Urban Economics, vol. 10, pp. 73-92. 5. , Ma, G. and McCauley, R. (June 2002). Deflation and its Challenge to Monetary Policy in Asia. Presentation to a Workshop on Deflation organized by the Hong Kong Institute of Monetary Research. 6. Hong Kong Monetary Authority (May 2001). “The Property Market and the MacroEconomy,” Quarterly Bulletin, pp.
The equilibrium production and consumption bundle shifts from point (P″C″) to (P*C*), and PN/ePT rises further. Structural inflation is therefore exacerbated. The Asian Financial Crisis, Deflation, and Structural Change in Hong Kong NON-TRADEABLES I2 I* HOMOTHETIC PREFERENCE LINE I1 C' N P*, C* P", C" P' ePT/PN I* I2 I1 T T* TRADEABLES Figure 2. 40 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 Source: Census and Statistics Department, HKSAR. 39 40 Alan K. F. Siu and Yue-Chim Richard Wong As a corollary consumption spending in Hong Kong would therefore rise faster than GDP during inflationary periods.
The Asian region was hit by two successive negative macroeconomic demand shocks: the Asian Financial Crisis in 1997 and the global economic slowdown in 2001. The regional and global economic environment led to a general macroeconomic downturn in Hong Kong. Given the linked exchange rate system in Hong Kong, where the local currency is unified with the US Dollar through a currency board arrangement, cyclical deflationary pressure appeared. For this reason, the economic downturn in Hong Kong in the 5 years following the onset of the Asian Financial Crisis was particularly severe.
After Marx and Sraffa: Essays in Political Economy by Geoffrey M. Hodgson