Year: 1989
Type: article
Abstract: Business cycles, defined as “recurrent sequences of persistent and pervasive expansions and contractions in economic activities”1, have been a distinctive feature of the experience of capitalist countries as far back as our historical records on aggregate economic activity go. Indeed, Schumpeter maintained that “[a]nalyzing business cycles means neither more nor less than analyzing the economic process of the capitalist era … Cycles are not, like tonsils, separable things that might be treated by themselves, but are, like the beat of the heart, of the essence of the organism that displays them”.2
Author: Jan Tore Klovland
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W2015089464