Business cycle dating committee recession
In Progress and Poverty (1879), Henry George focused on land's role in crises – particularly land speculation – and proposed a single tax on land as a solution.Schumpeter's Juglar model associates recovery and prosperity with increases in productivity, consumer confidence, aggregate demand, and prices.
They advocated government intervention and socialism, respectively, as the solution.
Business cycles are usually measured by considering the growth rate of real gross domestic product.
Despite the often-applied term cycles, these fluctuations in economic activity do not exhibit uniform or predictable periodicity.
The common or popular usage boom-and-bust cycle refers to fluctuations in which the expansion is rapid and the contraction severe.
The first systematic exposition of economic crises, in opposition to the existing theory of economic equilibrium, was the 1819 Nouveaux Principes d'économie politique by Jean Charles Léonard de Sismondi.