Anatomy of a Typical Crisis

Charles P. Kindleberger and Robert Z. Aliber

Chapter 2 in Manias, Panics and Crashes, 2005, pp 21-32 from Palgrave Macmillan

Abstract: Abstract For historians each event is unique. In contrast economists maintain that there are patterns in the data and particular events are likely to induce similar responses. History is particular; economics is general. The business cycle is a standard feature of market economies; increases in investment in plant and equipment lead to increases in household income and the rate of growth of national income. Macroeconomics focuses on the explanations for the cyclical variations in the rate of growth of national income relative to its long-run trend rate of growth.

Keywords: Interest Rate; Real Estate; Stock Prex; Capital Gain; Current Account Deficit (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62804-5_2

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DOI: 10.1057/9780230628045_2

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