景気下降と景気回復

概要

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1. Even in the recession in which the effective demand is decreasing, due to the decreasing investment, the capacity is still growing as long as the net investment is positive. So the price level goes down. 2. But when the investment continues to decrease after the net investment becomes negative, both the effective demand and the capacity go down together. So the direction of the change in the price level depends upon the relative magnitude of the absolute values of the rates of decrease of the effective demand and the capacity. When the absolute value of the rate of decrease of the effective demand is smaller than the absolute value of the rate of decrease of the capacity, the price level begins to rise and the revival also takes place. The consumption spending independent of the income and the long-run investment unaffected by the short-run pessimism are among the factors which operate to invite the rising price level and the revival. 3. When the revival starts, the investment in general becomes profitable, and the innovational investment becomes not only more profitable but also necessary for the individual firm to win the competitive field. Therefore, there appears the gigantic hump of the competitive innovational investment, which brings the revival into the exhilarating boom.
桃山学院大学の論文