Abstract
The dynamics of capitalist economies are characterized by two facts: sustained growth of production and employment and wide oscillations of these magnitudes and the level of prices as well. This oscillatory behaviour of economic activity as a whole is indeed the subject of trade cycle theory. The use of the word ‘cycle’, besides pointing to alternation of ups and downs, also suggests the idea that oscillations are somewhat regular.
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Medio, A. (2018). Trade Cycle. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1666
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1666
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