business cycle

Recurring economic cycles, involving a period of above-average growth (expansionist phase), followed by one of lower than average growth (recession), then one of negative growth (depression). Modern economists generally assume that the ‘normal’, ‘classic’, or ‘Juglar’ cycle lasts approximately five years, but there is no consensus as to its causes, indeed there are some who have argued that the fluctuations themselves are random rather than uniform in character. The Russian-born American development economist Simon Kuznets also identified a longer economic cycle (‘Kuznets cycle’) lasting some fifteen to twenty years. So-called Kondratieff cycles (named after the Russian economist who developed the idea in the 1920s) consist of ‘long wave’ cycles of boom and recession averaging half a century or so, fuelled by major technological and industrial advances, such as the advent of steam power. These cycles are often linked to developments in the world-system (see, for example,, ‘World-Systems Analysis’, Annual Review of Sociology, 1995).

Dictionary of sociology. 2013.

Look at other dictionaries:

  • business cycle — Repetitive cycles of economic expansion and contractions. The official peaks and troughs of the US cycle are determined by the National Bureau of Economic Research in Cambridge, MA. Bloomberg Financial Dictionary * * * business cycle business… …   Financial and business terms

  • Business cycle — Repetitive cycles of economic expansion and recession. The New York Times Financial Glossary * * * business cycle business cycle ➔ cycle * * *    Regular fluctuations in overall economic activity over time. The cycle has four distinct elements:… …   Financial and business terms

  • business cycle — n. the regular alternation of periods of expansion and contraction that occur in an industry or economy …   English World dictionary

  • Business cycle — Economics …   Wikipedia

  • business cycle — a recurrent fluctuation in the total business activity of a country. [1920 25] * * * Periodic fluctuation in the rate of economic activity, as measured by levels of employment, prices, and production. Economists have long debated why periods of… …   Universalium

  • business cycle — trade cycle The process by which investment, output, and employment in an economy tend to move through a recurrent cycle of upturn, prosperity, downturn, and recession The cycle does not describe a regular pattern in either length or amplitude.… …   Big dictionary of business and management

  • Business Cycle — The recurring and fluctuating levels of economic activity that an economy experiences over a long period of time. The five stages of the business cycle are growth (expansion), peak, recession (contraction), trough and recovery. At one time,… …   Investment dictionary

  • business cycle — Synonyms and related words: boom, bottoming out, business fluctuations, bust, cooling off, crisis, depression, downturn, economic cycle, economic expansion, economic growth, expanding economy, expansion, growth, high growth rate, low, market… …   Moby Thesaurus

  • business cycle — noun Date: 1919 a cycle of economic activity usually consisting of recession, recovery, growth, and decline …   New Collegiate Dictionary

  • business cycle — noun A long term fluctuation in economic activity between growth and recession Syn: economic cycle …   Wiktionary

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