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James E. McClure
Ball State University
51Publications
7H-index
284Citations
Publications 51
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#1James E. McClure (BSU: Ball State University)H-Index: 7
#2David Chandler Thomas (BSU: Ball State University)H-Index: 2
Last.David Chandler Thomas (BSU: Ball State University)
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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...
#1James E. McClureH-Index: 7
#2Lee C. SpectorH-Index: 7
Last.David Chandler ThomasH-Index: 2
view all 3 authors...
#1James E. McClure (BSU: Ball State University)H-Index: 7
#2David Chandler Thomas (BSU: Ball State University)H-Index: 2
Abstract Sticky aggregate consumption is a demonstrable phenomenon in economies throughout the world, but to our knowledge it has not yet been incorporated into capital structure macroeconomics. Doing so suggests an explanation for business cycles. On the heels of a technological advance, sticky consumption facilitates increased savings and lower real interest rates. These lower rates lead to accelerating elongations in the capital structure. Even though such elongations facilitate more rapid ec...
#1James E. McClure (BSU: Ball State University)H-Index: 7
#2David Chandler Thomas (BSU: Ball State University)H-Index: 2
Explanations of the timing of booms and busts have heretofore been either non-existent or ad hoc; consideration of sequestered capital promises to improve matters. Sequestered capital is capital that investors place into activities (such as research and/or development) that are unobservable by others. Tulipmania, a famous puzzle, illustrates that the timing of booms and busts can hinge upon sequestered capital. The 1636 sequestration — that is, planting — of tulip bulbs in the Netherlands in mid...
#1James E. McClure (BSU: Ball State University)H-Index: 7
#2David Chandler Thomas (BSU: Ball State University)H-Index: 2
Friedrich Hayek (1931), in Prices and Production, illustrated the price adjustments in his stages of production theory with a “simile” of a “price fan.” Hayek never mentioned the price fan simile again, nor have we discovered in the literature of economics use of it in other analyses of the stages of production. Here we argue that the price fan simile deserves further consideration as a way to clarify the interrelationship between the roundaboutness of production and the economy of knowledge tha...
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