Business Cycles and Their Causes
- ISBN-10
- 0520370708
- ISBN-13
- 9780520370708
- Category
- Business & Economics
- Pages
- 240
- Language
- English
- Published
- 2022-02-25
- Publisher
- Univ of California Press
- Author
- Wesley Clair Mitchell
Description
This is a realistic account of what goes on within a business cycle. The recurrent phases of economic activity - prosperity, crisis, depression, and revival - grow into and out of each other. They are here examined in terms of the characteristics and observed behavior of the economic system. Originally published in 1913, Mitchell's germinal and familiar work marked the beginning of a distinctly new approach to the analysis of business cycles. The present volume, which is Part III of the larger work, has since become the classic statement of a theory of their causes. One of the reasons for its durability is not far to seek: it was woven out of observed phenomena of the money economy, not spun out of airy postulates. Original contributions to economic theory outlast the individual and temporal variations which the annals of business and the tables of statistics show. This is such a contribution.
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