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Recessions and Depressions: Understanding Business Cycles (Electronic book text)
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Recessions and Depressions: Understanding Business Cycles (Electronic book text)
Todd Alan Knoop
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The economy of any nation is an intricate web of relationships
among the factors determining supply and demand-and everything that
affects them, from inflation to taxes to the stock market. The
study of business cycles attempts to explain why economies grow and
contract, experiencing periods of prosperity and pain. Consistent
with the popular conception of economics as the dismal science,
economists secretly long for recessions (periods of negative
growth) and depressions (severe contractions), not because they
enjoy their devastating impact on human welfare, but because these
downturns serve as excellent laboratories for observing what
happens when markets break down. Despite over two centuries of
debate, no one has yet definitively unlocked the secrets of
economic downturns and how they might be prevented.In Recessions
and Depressions Todd Knoop traces the evolution of business cycle
theory, from the classical model, which preceded the Great
Depression, through the ground-breaking ideas of John Maynard
Keynes, Milton Friedman, and their followers. He examines the
strengths and limitations of each approach, in terms of explaining
the impact of such factors as government policy, money supply,
labor productivity, and wages. In the process, he presents an
accessible introduction to what makes the economy tick, and offers
new insights into understanding such historic events as the Great
Depression, as well as more recent ones, such as the Asian meltdown
in the 1990s, the financial crises in Latin America, and the U.S.
recession of 2001, from which the United States is still
recovering. Knoop reminds us that economists' track record in
forecasting business cycles leaves much to be desired, and the
quest to fully understand what causes economic downturns-and their
effects on individuals and families-continues.
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