Abstract
For historians each event is unique. In contrast economists maintain that there are patterns in the data and particular events are likely to induce similar responses. History is particular; economics is general. The business cycle is a standard feature of market economies; increases in investment in plant and equipment lead to increases in household income and the rate of growth of national income. Macroeconomics focuses on the explanations for the cyclical variations in the rate of growth of national income relative to its long-run trend rate of growth.
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Anatomy of a Typical Crisis
Joseph A. Schumpeter, Business Cycles: a Theoretical, Historical and Statistical Analysis of the Capitalist Process (New York: McGraw-Hill, 1939), vol. 1, chap. 4, esp. pp. 161ff.
Hyman P. Minsky, John Maynard Keynes (New York: Columbia University Press, 1975).
Perry Mehrling, ‘The Vision of Hyman P. Minsky’, in Journal of Economic Behavior and Organization, vol. 39 (1999), pp. 125–58.
R.C.O. Matthews, ‘Public Policy, and Monetary Expenditure’, in Thomas Wilson and Andrew S. Skinner, eds, The Market and the State: Essays in Honour of Adam Smith (Oxford: Oxford University Press, Clarendon Press, 1976), p. 336.
James B. Stewart, Den of Thieves (New York: Touchstone Books [Simon & Schuster], 1991, 1992), p. 97. 5. C.P. Kindleberger, The World in Depression, 1929–1939, 2nd edn (Berkeley: University of California Press, 1986), pp. 1–3.
Robert D. Flood and Peter W. Garber, Speculative Bubbles, Speculative Attacks and Policy Switching (Cambridge, Mass.: MIT Press, 1964), pp. 73–4, 85, 96, 98, etc.
Alvin Hansen, Business Cycles and National Income (New York: W.W. Norton, 1957), p. 226.
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© 2005 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Kindleberger, C.P., Aliber, R.Z. (2005). Anatomy of a Typical Crisis. In: Manias, Panics and Crashes. Palgrave Macmillan, London. https://doi.org/10.1057/9780230628045_2
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DOI: https://doi.org/10.1057/9780230628045_2
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