Business Cycles And Depressions An Encyclopedia Pdf
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- Business Cycle Analysis in Talmudic Literature
- Business Cycles in Economics
- Keynesian Economics
- Great Depression
Ledenyov, Viktor O. The book's main objective is to study the business cycles in the economy of the scale and the scope, formulating the Ledenyov unified business cycles theory in the Ledenyov classic and quantum econodynamics. Slutsky E E
Journal of Housing Economics, 20 3 , pp. AKIN, O. SERIEs, 5 , pp. Housing cycles in the major euro area countries.
Business Cycle Analysis in Talmudic Literature
Great Depression , worldwide economic downturn that began in and lasted until about It was the longest and most severe depression ever experienced by the industrialized Western world, sparking fundamental changes in economic institutions, macroeconomic policy, and economic theory. Although it originated in the United States , the Great Depression caused drastic declines in output, severe unemployment , and acute deflation in almost every country of the world.
Its social and cultural effects were no less staggering, especially in the United States, where the Great Depression represented the harshest adversity faced by Americans since the Civil War. The Great Depression, which began in the United States in and spread worldwide, was the longest and most severe economic downturn in modern history.
It was marked by steep declines in industrial production and in prices deflation , mass unemployment , banking panics, and sharp increases in rates of poverty and homelessness. Four factors played roles of varying importance. In the United States, where the Depression was generally worst, industrial production between and fell by nearly 47 percent, gross domestic product GDP declined by 30 percent, and unemployment reached more than 20 percent. Because of banking panics, 20 percent of banks in existence in had failed by Three factors played roles of varying importance.
In most affected countries, the Great Depression was technically over by , meaning that by then their economies had started to recover. Most did not experience full recovery until the late s or early s, however.
The United States is generally thought to have fully recovered from the Great Depression by about The timing and severity of the Great Depression varied substantially across countries. Perhaps not surprisingly, the worst depression ever experienced by the world economy stemmed from a multitude of causes. Declines in consumer demand , financial panics , and misguided government policies caused economic output to fall in the United States, while the gold standard , which linked nearly all the countries of the world in a network of fixed currency exchange rates , played a key role in transmitting the American downturn to other countries.
The recovery from the Great Depression was spurred largely by the abandonment of the gold standard and the ensuing monetary expansion. The economic impact of the Great Depression was enormous, including both extreme human suffering and profound changes in economic policy.
The Great Depression began in the United States as an ordinary recession in the summer of The downturn became markedly worse, however, in late and continued until early Real output and prices fell precipitously.
Between the peak and the trough of the downturn, industrial production in the United States declined 47 percent and real gross domestic product GDP fell 30 percent. The wholesale price index declined 33 percent such declines in the price level are referred to as deflation. Although there is some debate about the reliability of the statistics, it is widely agreed that the unemployment rate exceeded 20 percent at its highest point. The Depression affected virtually every country of the world.
However, the dates and magnitude of the downturn varied substantially across countries. Great Britain struggled with low growth and recession during most of the second half of the s.
The country did not slip into severe depression, however, until early , and its peak-to-trough decline in industrial production was roughly one-third that of the United States. France also experienced a relatively short downturn in the early s.
The French recovery in and , however, was short-lived. French industrial production and prices both fell substantially between and The decline in German industrial production was roughly equal to that in the United States.
A number of countries in Latin America fell into depression in late and early , slightly before the U. While some less-developed countries experienced severe depressions, others, such as Argentina and Brazil , experienced comparatively mild downturns.
Japan also experienced a mild depression, which began relatively late and ended relatively early. The general price deflation evident in the United States was also present in other countries. Virtually every industrialized country endured declines in wholesale prices of 30 percent or more between and Because of the greater flexibility of the Japanese price structure, deflation in Japan was unusually rapid in and This rapid deflation may have helped to keep the decline in Japanese production relatively mild.
The prices of primary commodities traded in world markets declined even more dramatically during this period. For example, the prices of coffee, cotton, silk, and rubber were reduced by roughly half just between September and December As a result, the terms of trade declined precipitously for producers of primary commodities.
The U. Output grew rapidly in the mids: real GDP rose at an average rate of 9 percent per year between and Output had fallen so deeply in the early years of the s, however, that it remained substantially below its long-run trend path throughout this period. In —38 the United States suffered another severe downturn, but after mid the American economy grew even more rapidly than in the mids. Recovery in the rest of the world varied greatly. The British economy stopped declining soon after Great Britain abandoned the gold standard in September , although genuine recovery did not begin until the end of The economies of a number of Latin American countries began to strengthen in late and early Germany and Japan both began to recover in the fall of Canada and many smaller European countries started to revive at about the same time as the United States, early in On the other hand, France, which experienced severe depression later than most countries, did not firmly enter the recovery phase until Article Contents.
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The Canadian Encyclopedia - Great Depression. Articles from Britannica Encyclopedias for elementary and high school students. Richard H. See Article History. Alternative Titles: Depression of , Slump of Learn about the economic devastation of the Great Depression in three facts.
Top Questions. Read more below: Economic history: Causes of the decline. Stock market crash of Read more below: Economic history: Economic impact. Gross domestic product. Read more below: Economic history: Sources of recovery.
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Business Cycles in Economics
Great Depression , worldwide economic downturn that began in and lasted until about It was the longest and most severe depression ever experienced by the industrialized Western world, sparking fundamental changes in economic institutions, macroeconomic policy, and economic theory. Although it originated in the United States , the Great Depression caused drastic declines in output, severe unemployment , and acute deflation in almost every country of the world. Its social and cultural effects were no less staggering, especially in the United States, where the Great Depression represented the harshest adversity faced by Americans since the Civil War. The Great Depression, which began in the United States in and spread worldwide, was the longest and most severe economic downturn in modern history. It was marked by steep declines in industrial production and in prices deflation , mass unemployment , banking panics, and sharp increases in rates of poverty and homelessness.
Political business cycle , fluctuation of economic activity that results from an external intervention of political actors. The term political business cycle is used mainly to describe the stimulation of the economy just prior to an election in order to improve prospects of the incumbent government getting reelected. Despite numerous attempts to establish their existence, empirical evidence of political business cycles remains rather equivocal. Expansionary monetary and fiscal policies have politically popular consequences in the short run, such as falling unemployment, economic growth , and benefits from government spending on public services. However, the same policies, especially if pursued to excess, are found to have unpleasant consequences in the long term, such as accelerating inflation and damaging the foreign trade balance. Thus, they can harm the long-term growth potential of the economy. Thought to be rational actors with short-term horizons of calculation, politicians will pursue popular expansionary monetary and fiscal policies immediately before an election.
Seeks to demonstrate that the Talmudic scholars possessed theoretical knowledge and practical experience regarding the market phenomenon of business disturbances, recognizing the existence of a causal relationship between the physical determinants of the cycles of the weather patterns and the fortunes of the agricultural sector, a condition which affected the economy as a whole. Johanan also recognized the existence of a quantitative relationship between money and prices, and prices and incomes. This suggests that the Talmudic scholars had come to appreciate the fundamentals of what was later to emerge as the quantity theory of money.
Gavin and Benjamin D. Keen, Review of Economic Dynamics 18 3 , July , Solow and Janice Murray ed. Altig and E. Nosal ed.
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Depoliticizing monetary policy
Recessions are the low points of the regular economic cycle. Economists define depression as a recession that is unusually long-lasting and severe. T he term business cycle has several different meanings in business. This article presents three of the most frequently used definitions for the term. The primary "meaning" is explained in depth, in context with related concepts such as economic cycle , recession , and depression. These are the well-known phases of the business cycle such as recession, recovery, and expansion.
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