First published 1986
Robert Gordon confronts the economic turbulence that has shaken America to its core. The nation faces its most severe peacetime inflation in history alongside unemployment rates not seen since the Great Depression. Gordon assembles leading macroeconomists to investigate fundamental questions about what drives business cycles. Do external shocks propel these economic fluctuations? How do cycles after 1946 compare to earlier patterns? What major factors create these recurring booms and busts? The research extends back to 1875, revealing deep historical patterns in American economic behavior. Seven detailed studies examine consumption, investment, inventory changes, fiscal policy, monetary systems, international trade, and labor markets. Five additional papers analyze broader economic activity. The findings challenge established economic models and assumptions. Gordon includes previously unpublished historical data and the first complete history of business cycle dating. This comprehensive analysis offers readers both historical perspective and fresh insights into recent economic upheavals.
Genres: 20th-century, business, american, economics, 21st-century, academic
Vibes: thought-provoking
Tropes: academic
Setting: America
Period: 1875, 1946, Great Depression
868 pages · Hardcover · Univ of Chicago Pr