Rejecting the idea of an equilibrium business cycle, this book,
originally published in 1927, studies those industrial fluctuations
which extend over short spans of years: cyclical fluctuations. The
causes of these cycles are discussed and the consequences which
result and way in which to mitigate these consequences with regard
to social well-being are examined. Although Pigou's approach went
out of fashion following Keynes, it is similar in spirit to much of
the late twentieth-century work stimulated by real business cycle
theory.
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