Business cycles are inevitable phenomena from "summary" of Business Cycles and Equilibrium by Fischer Black
The idea that business cycles are inevitable phenomena is a fundamental concept in economics. It suggests that fluctuations in economic activity, such as periods of expansion followed by contractions, are a natural and unavoidable aspect of the economic system. This notion has been widely accepted by economists and policymakers alike, as it is supported by extensive empirical evidence and theoretical analysis. Business cycles are often characterized by fluctuations in key economic indicators, such as GDP growth, employment levels, and inflation rates. These fluctuations can have significant impacts on businesses, consumers, and governments, leading to changes in production, consumption, and investment decisions. While the specific causes of business cycles may vary from one cycle to another, the overall pattern of expansion and contraction tends to be a recurring feature of modern economies. One...
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