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In economics, the term boom and bust refers to the movement of an economy through economic cycles. Image File history File links Broom_icon. ...
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An abstract business cycle The business cycle or economic cycle refers to the ups and downs seen somewhat simultaneously in most parts of an economy. ...
Boom
According to most economists, an economic boom is typically characterized by an increased level of economic output (GDP), a corresponding increase in aggregate demand, falling unemployment, and often, a rise in the inflation rate. During busts, or recessions, aggregate demand is low, inflation decreases, unemployment rises and national income falls. In extreme recessions deflation (a sustained fall in the general price level) may occur. The causal relations between these indicators have been the subject of much debate from which ideas such as the NAIRU (non-accelerating inflation rate of unemployment) have emerged. This article does not cite any references or sources. ...
In macroeconomics, the definition of recession is a decline in any countrys Gross Domestic Product (GDP), or negative real economic growth, for two or more successive quarters of a year. ...
“Deflation†redirects here. ...
The term NAIRU is an acronym for Non-Accelerating Inflation Rate of Unemployment. ...
Due to its relevance to public policy, the economic cycle has been an important political issue since the Great Depression. Prior to this, classical economic theory denied the existence of the economic cycle (Mike Jones). For other uses, see The Great Depression (disambiguation). ...
Economics is the social science studying production and consumption through measurable variables. ...
For other persons named Michael or Mike Jones, see Michael Jones. ...
There are several contradictory views on the nature and cause of economics cycles:
Keynesian economics, which gained popularity during the Great Depression, aimed to prevent recessions. This was done by providing demand stimulus to safeguard employment. However, it was only applicable when there were surplus resources of labour and capital. Keynesian economics has been popular with left wing parties, as it encourages greater use of taxation and spending. Neoclassical economics, on the other hand has been associated with the New Right, Margaret Thatcher, Ronald Reagan, and the Neoconservatives of today. This article includes a list of works cited or a list of external links, but its sources remain unclear because it lacks in-text citations. ...
In classical economics and all micro-economics labour is a measure of the work done by human beings and is one of three factors of production, the others being land and capital. ...
Capital has a number of related meanings in economics, finance and accounting. ...
Spending money is acquiring goods and services. ...
Margaret Hilda Thatcher, Baroness Thatcher, LG, OM, PC (née Roberts; born 13 October 1925) served as British Prime Minister from 1979 to 1990 and leader of the Conservative Party from 1975 until 1990, being the first (and, to date, only) woman to hold either post. ...
“Reagan†redirects here. ...
Neoconservatism describes several distinct political ideologies which are considered new forms of conservatism. ...
Neoclassical or Monetarist economics returns to the pre-depression belief that recessions are natural, and government intervention can only delay and worsen them. It holds that only central banks can regulate demand in any helpful way through the money supply. Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ...
Monetarism is a set of views concerning the determination of national income and monetary economics. ...
The Austrian School of economics has proposed the Austrian Business Cycle Theory, which holds that the business cycle of boom and bust is avoidable but inevitable after monetary manipulations by a central banking authority. The Austrian School, also known as the Vienna School or the Psychological School, is a school of economic thought that advocates adherence to strict methodological individualism. ...
This article or section is not written in the formal tone expected of an encyclopedia article. ...
This article does not cite any references or sources. ...
Marxist economists contend that the boom and bust cycle is a problem endemic to Capitalism, rather than economics in general. Marxists instead postulate that integrated, organized economic planning can generate considerable growth (even "booms") without the corresponding bust cycle. They attribute this to the fact that "boom and bust" cycles only occur because Capitalist production is uncoordinated, and thus inherently inefficient, accumulating wealth quickly only for a decline to occur subsequently. On the other hand, the People's Republic of China under Chairman Mao also experienced constant economic growth, even under the failed Great Leap Forward and Cultural Revolution programs, although changes in the Deng Xiaoping era allowing Capitalism have led to very fast growth, rather than the steady but comparatively slow growth that planned economics allowed, while utilizing state planning as a means of avoiding any significant "bust" portion of any boom and bust cycle. Marxism is the political practice and social theory based on the works of Karl Marx, a 19th century philosopher, economist, journalist, and revolutionary, along with Friedrich Engels. ...
For other uses, see Capitalism (disambiguation). ...
The Great Leap Forward (Simplified Chinese: ; Traditional Chinese: ; Pinyin: ) of the Peoples Republic of China (PRC) was an economic and social plan used from 1958 to 1960 which aimed to use Chinas vast population to rapidly transform mainland China from a primarily agrarian economy dominated by peasant farmers...
The Great Proletarian Cultural Revolution [1] in the Peoples Republic of China was a struggle for power within the Communist Party of China that manifested into wide-scale social, political, and economic chaos, which grew to include large sections of Chinese society and eventually brought the entire country to...
Deng Xiaoping (Simplified Chinese: ; Traditional Chinese: ; Pinyin: ; Wade-Giles: Teng Hsiao-ping; August 22, 1904 – February 19, 1997) was a prominent Chinese politician and reformer, and the late leader of the Communist Party of China (CCP). ...
This article refers to an economy controlled by the state. ...
The advent of Keynesianism, Marxists contend, only softens busts, and has proven unable to eliminate them. Neoclassical and Austrian schools of thought, they feel, serve the interests of Capitalists (who are enriched much more in the "boom" than they are hurt by the "bust"), and only hasten the onset of a working class revolution. Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ...
Capitalism generally refers to in philosophy and politics, a social system based on the principle of individual rights, including property rights. ...
The term "Dot Com Bust" is a generalization for the failure of many unsustainable Internet-related companies in the late 1990's.
Example The Nebraska Territory town of Saratoga, Nebraska was a boom and bust town that was created, developed and busted within a year between 1856-57. Nebraska Territory was a historic, organized territory of the United States from May 30, 1854 until March 1, 1867 when Nebraska became the 37th U.S. state. ...
The town of Saratoga Springs, Nebraska Territory, or Saratoga, was founded in 1856 and thrived for approximately one year. ...
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