Business Cycles: Causes and Control
Is the economy inherently stable?
What is the main source of shocks that affect the economy?
How long does it take for the economy to self-equilibrate once subjected to a shock?
Can the authorities intervene to reduce fluctuations in economic activity?
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- Morgan, B. and J. R. Shackleton ‘The ups and downs of business cycle theory’ in Shackleton, J. R. (ed.) New Thinking in Economics (Aldershot: Edward Elgar, 1990). Provides a deftly written survey of business cycle theory.Google Scholar
- Friedman, M. The Counter-Revolution in Monetary Theory (London: Institute of Economic Affairs, 1970). An accessible non-technical discussion, which places the monetarist counterrevolution in historical perspective, and describes the central propositions of monetarism.Google Scholar