Business Cycles and Long Waves

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Excerpt from Business Cycles and Long Waves: A Behavioral Disequilibrium PerspectiveOne of the principal mysteries theorists have faced is why there seem to be only a few distinct periodicities rather than cycles at all frequencies. And how might the different cyclical modes interact? Could, as Schumpeter (1939) argued, the coincident downturn of the business cycle, construction cycle, and long wave account for the severity of the Great Depression? More fundamentally, why should the frequencies of these cycles have (roughly) commensurate periods, so that their downturns might coincide? Indeed, even if one admits the possibility that individual firms might generate cyclical movements, the different parameters characterizing the structure and decision making processes of different firms would cause them to oscillate with different frequencies and phases. Why then should there be aggregate cyclical movements at all?About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.