Can sticky consumption cause business cycles?

McClure, James E.; Thomas, David Chandler

doi:10.1007/s11138-016-0371-y

Cited by 8 publications

(5 citation statements)

References 9 publications

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“…In addition, there is evidence that entrepreneurship can help bring about constructive changes in society, such reducing poverty and addressing environmental issues. Schumpeter's theory of creative destruction, which highlights the role of innovation in advancing society, is consistent with these facts (McClure, Snow, & Thomas, 2023).…”

Section: Entrepreneur and Entrepreneurshipsupporting

confidence: 60%

A Comprehensive Review of Challenges and Opportunities for Women Entrepreneurs in the field of Tourism Industry in Bangladesh

Akter,

Gafur,

Hossien

2024

ejtas

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The article offers a comprehensive analysis of the potential and difficulties encountered by female entrepreneurs in Bangladesh's rapidly developing travel and tourism sector. Women's underrepresentation in entrepreneurial activities within the tourism sector and the growing recognition of their critical role in economic growth are the driving forces behind this research. This study highlights the various obstacles preventing women from entering and succeeding as entrepreneurs in the tourist sector through a thorough examination of the literature and empirical data. These difficulties include gender stereotypes, sociocultural impediments, financial resource access, and limited educational options. The study highlights the encouraging prospects for female entrepreneurs in Bangladesh's travel and tourism industry. The study emphasizes how crucial it is to create a welcoming environment that caters to the unique requirements of female entrepreneurs in the travel and tourism industry. A series of recommendations is provided at the end of the report to help policymakers, industry stakeholders, and women themselves overcome the obstacles and seize the potential. Through the promotion of gender-inclusive legislation, improved education and financial accessibility, and an entrepreneurial culture, Bangladesh may enable women to fully realize their potential in spearheading sustainable economic growth via the tourist sector.

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Section: Entrepreneur and Entrepreneurshipsupporting

confidence: 60%

A Comprehensive Review of Challenges and Opportunities for Women Entrepreneurs in the field of Tourism Industry in Bangladesh

Akter,

Gafur,

Hossien

2024

ejtas

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“… 6. For more detail on the theory of sequestered capital see McClure and Thomas (2018); for an empirical investigation verifying the veracity of the sequestered capital theory, see McClure and Thomas (2017). …”

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confidence: 99%

The Impact of New-Product R&D on the Circular Flow

McClure

Thomas

2018

The American Economist

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Closed-system circular flow models have been ubiquitous in economics for at least half a century. Because these models account for neither new-product R&D, nor the attendant leakages and injections, they obscure understanding of (a) the distinction between new-product and process R&D, (b) the circular flow leakages and injections attending new-product R&D, and (c) Schumpeterian “creative destruction” and “swarming.” To shed light upon these matters, we present an open-system circular flow model and a price theoretic explanation of the swarming overinvestment that characterizes business cycle downturns. JEL Classifications: B20, O31, E30

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“…The balance of the purchase price was payable only on delivery, which took place at lifting time. (Dash 1999, p. 125) Consumption's sluggish response to changes in income (its stickiness) is the other key ingredient, along with sequestered capital, that drives McClure and Thomas’s (2016) explanation as to how an unsustainable boom might occur even in the absence of a monetary-authority-inspired credit expansion.…”

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confidence: 99%

“…Recently, McClure and Thomas (2016) discovered that the Austrian school's stages-of-production specification of the capital structure fails to account for the fact that the capital that businesses use to create new products is signal-less capital. Those researching and developing the new products keep this capital secret.…”

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confidence: 99%

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Explaining the timing of tulipmania's boom and bust: historical context, sequestered capital and market signals

McClure

Thomas

2017

Financial History Review

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Framing tulipmania in terms of sequestered capital – capital whose quantities, usages and future yields are hidden from market participants – offers a richer and more straightforward explanation for this famous financial bubble than extant alternatives. Simply put, the underground planting of the tulip bulbs in 1636 blindfolded seventeenth-century Dutch speculators regarding the planted quantities and their development and future yields. The price boom began in mid November 1636, coinciding with the time of planting. The price collapse occurred in the first week of February 1637, coinciding with the time of bulb sprouting – signaling bulb quantities, development and future yields. Also consistent with our explanation is the initial price collapse location, in the Dutch city of Haarlem, where temperature and geography favored early sprouting and sprout visibility.

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Can sticky consumption cause business cycles?

Cited by 8 publications

References 9 publications

A Comprehensive Review of Challenges and Opportunities for Women Entrepreneurs in the field of Tourism Industry in Bangladesh

A Comprehensive Review of Challenges and Opportunities for Women Entrepreneurs in the field of Tourism Industry in Bangladesh

The Impact of New-Product R&D on the Circular Flow

Explaining the timing of tulipmania's boom and bust: historical context, sequestered capital and market signals

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