On the Evolution,Distortion and Collapse of Marginal Efficiency of Capital in Business Cycle:Political Economic Analyses about US Mortgage Crisis
LIU Xing-sai(School of Economics,Naikai University,Tianjin 300071,China)
The paper analyzes the condition,possible areas and evolutional mechanism of economic crises through Keynes' theory about marginal efficiency of capital,and makes an empirical study on mortgage crisis. It considers that the US mortgage crisis is caused by the transition of institutional structure and social conditions under the political cycle. Then the paper analyzes the ideas about excess liquidity,unbalanced economic structure,consumer mode with debts,international financial system and neo-liberal system.
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