The Anatomy of a Typical Crisis

Robert Z. Aliber and Charles P. Kindleberger
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Robert Z. Aliber: University of Chicago
Charles P. Kindleberger: Massachusetts Institute of Technology

Chapter 2 in Manias, Panics, and Crashes, 2015, pp 38-52 from Palgrave Macmillan

Abstract: Abstract Historians view each event as unique. In contrast economists search for the patterns in the data, and the systematic relationships between an event and its antecedents. History is particular; economics is general. The business cycle is a standard feature of market economies; increases in investment spending lead to increases in household incomes and in GDP growth rates. Macroeconomics focuses on the explanations for the cyclical variations in the rates of growth of GDP around the long-run trend rates of growth and why these trend rates are higher in some countries than in others.

Date: 2015
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DOI: 10.1007/978-1-137-52574-1_3

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