¶ … Economic Commentaries or Economic Reports
Business Cycle
The position of economics has changed remarkably over the last 40 years and one can see that many theories that were applicable earlier are not applicable today. Business cycle was one of the fundamental concepts of macroeconomics which deals with the economics of nations, but is redundant today as the differences between countries have practically disappeared. The situation of the world had been bi-polar earlier -- England and France, West and Germany, United States and Soviet Union. There is only one leader of the world today, United States. The economics of the world runs as per the command of the country, and old laws are not valid any more.
Thesis Statement:
Science is not a matter of observation and then saying that "this is how it happens"; as science also tries to find out the reasons for the happenings.
Body:
One of the first concepts given by macroeconomics to man is the concept of business cycles, and one has seen this happening for many years. At present one of the major events in the world is the war going on in Iraq, and this was expected to have some effect on the economy in United States, as there is a lot of expenditure for this war, and it is unlikely that America will get financial help for this war from the Arab allies like Saudi Arabia or Kuwait. In World War II the impact on the economy can be clearly seen from the following figure.
Graph 1 -- Business Activity in United States since 1914
(The Business Cycle)
There was a climbing boom in the economy which suddenly collapsed with the end of the war. Prior to the war, there was a recession due to the great depression which was cleared only due to World War II. The subsequent wars in Korea and Vietnam also created fluctuations in the economy, but there was nothing like the impact of World War II. The explanations of the impacts of different phases are given in the form of theories by stating...
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