2010/06/07 by Lennart Erixon · 1 citation
Economics, Econometrics and Finance · #Economic Theory and Policy #Economic theories and models #Economic Growth and Productivity
paper · doi:10.1017/s1744137410000196
openalex publication_date 2010/06/07 · openalex created_date 2025/10/10 · openalex updated_date 2026/05/21
Abstract: Johan Åkerman 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 Åkerman–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.