By David Glasner
First released in 1997. Routledge is an imprint of Taylor & Francis, an informa corporation.
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Extra resources for Business Cycles and Depressions: An Encyclopedia
1941a. Investment and Business Cycles. New York: McGraw-Hill. --------- . 1941b. ” Review o f Economic Statistics 23:78-82. Lee, J. K. and D. C. Wellington. 1984. ” Journal o f Political Economy 92:972-78. Samuelson, R A.  1966. ” Chap. 82 in The Collected Scientific Papers o f Paul A. Samuelson. Vol. 2. Cambridge: MIT Press. Trescott, P. B. 1982. ” History o f Political Economy 14:65-88. Asym m etry Asymmetry refers to the shape of the cyclical path traced by economic time-series data. Sine and cosine waves, for example, display smooth, symmetrical upswings and downswings.
The relevant magnitude was not the marginal propensity to consume, but the marginal propensity to spend, taking account of all types of spending, which, he rec ognized, could equal one. AngelPs analysis showed that the method of financing a fiscal deficit would significantly affect its impact on national income. He was also probably the first American economist to show the relationship between monetary policy and the inflationary potential of the defense buildup. Angell’s work was marred by inconsisten cies and by a verbose and turgid style.
Whatever the causality, he never wavered in recommending that over the long run, the money stock should be kept relatively stable, perhaps growing in proportion to population (provided that the economy’s initial income level was satisfactory). Angell’s 1933 articles identified changes in the money supply as a major source of change in the flow of national income and expressed confidence that Federal Reserve monetary con trol could keep monetary changes within rea sonable limits. However, as data for the 1930s became available, it was evident that the 19 2 9 33 decline in national income involved a large drop in velocity as well as a decrease in money.
Business Cycles and Depressions: An Encyclopedia by David Glasner