TAILIEUCHUNG - EB_Abel_Macro7wm2

Find more at •Since the Industrial Revolution, the economies of the United States and many have grown tremendously. That growth has transformed economies improved living standards. Yet even in prosperous countries, economic expan­.sion has been periodically interrupted by episodes of declining production and rising unemployment. Sometimes fortunately, not very often have been severe and prolonged. But whether brief or more extended,.declines in economic activity have been followed almost invariably by a economic growthThis repeated sequence of economic expansion giving way to followed by recovery, is known as the business cycle. The business a central concern in macroeconomics because business cycle fluctuations and downs in overall economic activity are felt throughout the economyWhen the economy is growing strongly, prosperity is shared by most of 's industries and their workers and owners of capital. When the , many sectors of the economy experience declining sales and produc­.tion, and workers are laid off or forced to work only part-time. Because of business cycles are so widespread, and because economic cause great hardship, economists have tried to find the causes of and to determine what, if anything, can be done to counteract themThe two basic questions of (1) what causes business cycles and (2) how policy­.makers should respond to cyclical fluctuations are the main concern of Part 3 bookThe answers to these two questions remain highly controversial. Much of involves the proponents of the classical and Keynesian approaches , introduced in Chapter 1. In brief, classical economists view busi­.ness cycles as generally representing the economy's best response to production or spending. Thus classical economists do not see much, if any, government action to counteract these fluctuations. In contrast, Keynesian econ­.omists argue that, because wages and prices adjust slowly, disturbances in pro­.duction or spending may drive the economy away from its most desirable level and employment for long periods of time. According to the , government should intervene to smooth business cycle fluctuationsWe explore the debate between classicals and Keynesians, and the that debate for economic analysis and macroeconomic policy, in Chapters 9-11In this chapter we provide essential background for that discussion by basic features of the business cycle. We begin with a definition and a brief his­.tory of the business cycle in the United States. We then turn to a more more at 8Business Cycles275discussion of business cycle characteristics, or "business cycle facts." We chapter with a brief preview of the alternative approaches to the analysis What I s a Busin ess Cycle?.Countries have experienced ups and downs in overall economic activity since to industrialize. Economists have measured and studied these more than a century. Marx and Engels referred to "commercial crises," an for business cycles, in their Communist Manifesto in 1848. In the , the National Bureau of Economic Research (NBER), a private of economists founded in 1920, pioneered business cycle research. developed and continues to update the business cycle chronology, history of business cycles in the United States and other countries. has also sponsored many studies of the business cycle: One landmark the 1946 book Measuring Business Cycles, by Arthur Burns (who served as Fed­.eral Reserve chairman from 1970 until 1978) and Wesley Mitchell (a principa

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