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Phases Of the Business Cycle
A typical business cycle consists of four phases: trough, expansion, peak, contraction.
During the expansion phase, aggregate economic activity is increasing.
The contraction—often called a recession, but may be called a depression when exceptionally severe—is a period in which aggregate economic activity is declining.
184Theories of the Business Cycle - Neoclassical and Austrian Schools:hand,every good at which supply equals demand.:schoolto do in the recession phase is to allow the necessary market adjustment to take place as quickly as possible.
158Theories of the Business Cycle - Monetarist School:Theories of:boom,consider the long-term costs of government intervention e.g.continue to grow at a moderate rate.
134Theories of the Business Cycle - Keynesian School:would be hard to attain.:the economy is already recovering.
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