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Business cycles are a type of fluctuation found in the aggregate economic activity of nations that organize their work mainly in business enterprises: a cycle consists of expansions occurring at about the same time in many economic activities, followed by similarly general recessions, contractions, and revivals which merge into the expansion ...
Debt deflation is a theory of economic cycles which holds that recessions and depressions are due to the overall level of debt shrinking (deflating). Hence, the credit cycle is the cause of the economic cycle. The theory was developed by Irving Fisher following the Wall Street Crash of 1929 and the ensuing Great Depression.
Social cycle theories are among the earliest social theories in sociology.Unlike the theory of social evolutionism, which views the evolution of society and human history as progressing in some new, unique direction(s), sociological cycle theory argues that events and stages of society and history generally repeat themselves in cycles.
The theory has been influential in the fields of generational studies, marketing, and business management literature. [6] However, the theory has also been described by some historians and journalists as pseudoscientific, [6] [9] [10] "kooky", [11] and "an elaborate historical horoscope that will never withstand scholarly scrutiny".
Rostow's model is descendent from the liberal school of economics, emphasizing the efficacy of modern concepts of free trade and the ideas of Adam Smith.It also denies Friedrich List’s argument that countries reliant on exporting raw materials may get “locked in”, and be unable to diversify, in that Rostow's model states that countries may need to depend on a few raw material exports to ...
Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations are accounted for by real, in contrast to nominal, shocks. [1] RBC theory sees business cycle fluctuations as the efficient response to exogenous changes in the real economic environment.
The Soviet economist Nikolai Kondratiev was the first to observe technology life cycle in his book The Major Economic Cycles (1925). [2] [3] [4] Today, these cycles are called Kondratiev wave, the predecessor of TLC. TLC is composed of four phases: The research and development (R&D) phase (sometimes called the "bleeding edge") when incomes from ...
Friedrich Hayek, founder of Austrian business cycle theory. The Austrian School of economics began with Carl Menger's 1871 Principles of Economics. Menger's followers formed a distinct group of economists until around World War II, when the distinction between Austrian economics and other schools of thought had largely broken down.