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Recessions and Depressions Understanding Business Cycles

ISBN-10: 0275981622

ISBN-13: 9780275981624

Edition: 2004

Authors: Todd A. Knoop

List price: $55.00
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Description:

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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Book details

List price: $55.00
Copyright year: 2004
Publisher: ABC-CLIO, LLC
Publication date: 7/30/2004
Binding: Hardcover
Pages: 312
Size: 6.50" wide x 9.50" long x 1.25" tall
Weight: 1.386
Language: English

Illustrations
Preface
The Facts of Business Cycles
Why Study Business Cycles?
Describing Business Cycles
The Macroeconomic Theory of Business Cycles and Forecasting
Early Business Cycle Theories
Keynes and Keynesian Theory
The Monetarist Model
The Rational Expectations Model
Real Business Cycle Models
New Keynesian Models
Macroeconomic Forecasting
Business Cycles in the United States
The Great Depression
Postwar Business Cycles in the United States
A "New Economy" in the United States?
Modern International Recessions and Depressions
The East Asian Crisis
Argentina and the Role of the International Monetary Fund
The Great Recession in Japan
Conclusions: What We Do and Do Not Know about Business Cycles