Business Cycle


Business cycle - Notes Jump up ^ Kalecki, Michal. "Political Aspects of Full Employment". Retrieved 2 May 2012



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Business cycle - Notes

  • Jump up ^ Kalecki, Michal. "Political Aspects of Full Employment". Retrieved 2 May 2012.



Business cycle - Notes

  • Jump up ^ Henryk Grossmann Das Akkumulations – und Zusammenbruchsgesetz des kapitalistischen Systems (Zugleich eine Krisentheorie), Hirschfeld, Leipzig, 1929



Business cycle - Notes

  • Jump up ^ Grossman, Henryk The Law of Accumulation and Breakdown of the Capitalist System. Pluto



Business cycle - Notes

  • Jump up ^ Paul Mattick, Marx and Keynes: The Limits of Mixed Economy, Boston, Porter Sargent, 1969



Business cycle - Notes

  • Jump up ^ Nelson H



Business cycle - Notes

  • Jump up ^ George, Henry. (1881). Progress and Poverty: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth; The Remedy. Kegan Paul (reissued by Cambridge University Press, 2009; ISBN 978-1-108-00361-2)



Business cycle - Notes

  • Jump up ^ Hansen, Alvin H. Business Cycles and National Income. New York: W. W. Norton & Company, 1964, p. 39



Business cycle - Notes

  • Jump up ^ Quote from Henry George on real causes of business cycles



Business cycle - Notes

  • Jump up ^ Wisconsin School of Business & The Lincoln Institute of Land Policy (Updated Quarterly). "Land Prices for 46 Metro Areas"



Business cycle - Notes

  • Jump up ^ Ruhm C. 2000. Are Recessions Good for Your Health? Quarterly Journal of Economics Vol 115, No. 2, pp. 617–650.



Economic growth - Economic growth versus the business cycle

  • Economists distinguish between short-run economic changes in production (economics)|production and long-run economic growth. Short-run variation in economic growth is termed the business cycle. The business cycle is made up of booms and drops in production that occur over a period of months or years. Generally, economists attribute the ups and downs in the business cycle to fluctuations in aggregate demand.



Economic growth - Economic growth versus the business cycle

  • In contrast, the topic of 'economic growth' is concerned with the long-run trend in production due to structural causes such as technological growth and factor accumulation. The business cycle moves up and down, creating fluctuations around the long-run trend in economic growth.



Stabilization policy - Business cycle stabilization

  • Stabilization can refer to correcting the normal behavior of the business cycle. In this case the term generally refers to demand management by monetary policy|monetary and fiscal policy to reduce normal fluctuations and output, sometimes referred to as keeping the economy on an even keel.



Stabilization policy - Business cycle stabilization

  • The policy changes in these circumstances are usually countercyclical, compensating for the predicted changes in employment and output, to increase short-run and medium run welfare.



Real Business Cycle theory

  • Unlike other leading theories of the business cycle, RBC theory sees recessions and periods of economic growth as the economic efficiency|efficient response to exogenous changes in the real economic environment



Real Business Cycle theory

  • According to RBC theory, business cycles are therefore Real versus nominal value (economics)|real in that they do not represent a failure of Market clearing|markets to clear but rather reflect the most efficient possible operation of the economy, given the structure of the economy. RBC theory differs in this way from other theories of the business cycle such as Keynesian economics and Monetarism that see recessions as the failure of some market to clear.



Real Business Cycle theory - Business cycles

  • If we were to take snapshots of an economy at different points in time, no two photos would look alike. This occurs for two reasons:



Real Business Cycle theory - Business cycles

  • #Many advanced economies exhibit sustained growth over time. That is, snapshots taken many years apart will most likely depict higher levels of economic activity in the later period.



Real Business Cycle theory - Business cycles

  • #There exist seemingly random fluctuations around this growth trend. Thus given two snapshots in time, predicting the latter with the earlier is nearly impossible.



Real Business Cycle theory - Business cycles

  • A common way to observe such behavior is by looking at a time series of an economy’s output, more specifically gross national product (GNP). This is just the value of the goods and services produced by a country’s businesses and workers.






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