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Introduction > THE BUSINESS CYCLE

THE BUSINESS CYCLE

The business cycle is one of the central concepts in modern economics. It was defined by celebrated economists Arthur Burns and Wesley Mitchell in their pioneering 1946 study, Measuring Business Cycles, written for the National Bureau of Economic Research (NBER), which today is the official arbiter of the U.S. business cycle. According to Burns and Mitchell, the business cycle is “a type of fluctuation found in the aggregate economic activity of nations that organize their work mainly in business enterprises: a cycle consists of expansions occurring at about the same time in many economic activities, followed by similarly general recessions, contractions, and revivals, which merge into the expansion phase of the next cycle.”

  

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