Are the recurring recessions of the capitalist world merely
short-term adjustments to changing economic circumstances in a
system that tends, in general, toward equilibrium? In this
accessible study of the business cycle, Howard Sherman makes a
powerful case that recessions and painful involuntary unemployment
are endogenous to capitalism. Drawing especially on the work of
Wesley Clair Mitchell, Karl Marx, and John M. Keynes, Sherman
explains why the nature of the business cycle produces serious
economic loss and misery during its contraction phase, just as it
produces growth in its expansion phase. Originally published in
1991. The Princeton Legacy Library uses the latest print-on-demand
technology to again make available previously out-of-print books
from the distinguished backlist of Princeton University Press.
These editions preserve the original texts of these important books
while presenting them in durable paperback and hardcover editions.
The goal of the Princeton Legacy Library is to vastly increase
access to the rich scholarly heritage found in the thousands of
books published by Princeton University Press since its founding in
1905.
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