Abstract:In a study of European growth in the interwar period, the Swedish economist Ingvar Svennilson integrated a Keynesian theory of cumulative growth with a Schumpeterian analysis of economic transformation. Svennilson emphasised that innovations and the use of new technologies had been stimulated by high demand and production growth. Svennilson's strong commitment to "Verdoorn's Law", which actually was "Svennilson's Law", made it difficult to incorporate him in a Schumpeterian tradition. A synthesis between Keyne… Show more
“…Johan Åkerman and Erik Dahmén are the most prominent representatives of a Swedish structural-analytical or institutional school in economics (see Erixon, 2005). Macroeconomists rightly consider Åkerman to be a precursor of the theory of the political business cycle; however, this pioneering role of Åkerman's has been disregarded here.…”
JohanÅkerman and Erik Dahmén's institutional theory of economic fluctuations is a constructive alternative to traditional macroeconomic approaches and also to modern business-cycle analysis based on microeconomic optimization models. By its integration of a business-cycle and growth perspective,Åkerman and Dahmén's analysis was similar to that of Schumpeter in Business Cycles. But their notions of malinvestment, structural tensions, and development blocks provided an original explanation of the turning points in the business cycle. The Akerman-Dahmén approach is more valid for innovation-driven cycles such as the ICT boom in the late 1990s and the subsequent crisis than for cycles with an independent role of financial-market conditions. *
“…Johan Åkerman and Erik Dahmén are the most prominent representatives of a Swedish structural-analytical or institutional school in economics (see Erixon, 2005). Macroeconomists rightly consider Åkerman to be a precursor of the theory of the political business cycle; however, this pioneering role of Åkerman's has been disregarded here.…”
JohanÅkerman and Erik Dahmén's institutional theory of economic fluctuations is a constructive alternative to traditional macroeconomic approaches and also to modern business-cycle analysis based on microeconomic optimization models. By its integration of a business-cycle and growth perspective,Åkerman and Dahmén's analysis was similar to that of Schumpeter in Business Cycles. But their notions of malinvestment, structural tensions, and development blocks provided an original explanation of the turning points in the business cycle. The Akerman-Dahmén approach is more valid for innovation-driven cycles such as the ICT boom in the late 1990s and the subsequent crisis than for cycles with an independent role of financial-market conditions. *
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