Business Cycles and Long Waves: A Behavioral Disequilibrium Perspective (Classic Reprint) - Hardcover

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Excerpt from Business Cycles and Long Waves: A Behavioral Disequilibrium Perspective

One of the principal mysteries theorists have faced is why there seem to be only a few distinct periodicities rather than cycles at all frequencies. And how might the different cyclical modes interact? Could, as Schumpeter (1939) argued, the coincident downturn of the business cycle, construction cycle, and long wave account for the severity of the Great Depression? More fundamentally, why should the frequencies of these cycles have (roughly) commensurate periods, so that their downturns might coincide? Indeed, even if one admits the possibility that individual firms might generate cyclical movements, the different parameters characterizing the structure and decision making processes of different firms would cause them to oscillate with different frequencies and phases. Why then should there be aggregate cyclical movements at all?

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