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Theoretical and Applied Economics
No. 2 / 2018 (615), Summer

How to build an economy free of recession and stagnation: results from a multi-commodity macro model

Samuel MENG
University of New England, Australia

Abstract. Aggregate macro models used in existing studies have insufficient details to shed any light on the market saturation phenomenon and thus have failed to uncover the fundamental cause of economic recessions. A multi-commodity macroeconomic model is constructed reflecting three simple but revolutionary axioms, which summarize the important but often overlooked facts in an economy. The results from the model shows that, without product innovation, the economy will reach a consumption/income ceiling so that recessions are inevitable. In order to build an economy free of recession, the paper calls for stimulating innovation through a thorough revision of the current patent laws.

Keywords: economic recessions, multi-commodity macro model, product innovation, patent laws, economic growth.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016

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