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The Business Cycle in Late Twentieth-/Early Twenty-First-Century America

In: Money, Banking, and the Business Cycle

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  • Brian P. Simpson

Abstract

In this chapter I analyze the time period from 1965 to 2010 or 2012, depending on the variable being analyzed. For the most part I ignore the recession of the early 1980s, since that episode was analyzed in chapter 5. However, I do comment on it when it is necessary to illustrate important points relative to other recessions. I limit myself to this period in this chapter because that is the period for which I have found it easiest to obtain data for gross national revenue (GNR). This period will cover about one-and-one-half decades prior to the early 1980s recession and about three decades after that recession. During this period there were a number of episodes of the business cycle that can help one understand the causes of the cycle and see how Austrian business cycle theory (ABCT) explains the cycle. Besides the recession of the early 1980s, there were recessions in 1970, 1975, the early 1990s, the early part of the new millennium, and in 2008–9. The latter could even be classified as a depression. Let us see what the data reveal.

Suggested Citation

  • Brian P. Simpson, 2014. "The Business Cycle in Late Twentieth-/Early Twenty-First-Century America," Palgrave Macmillan Books, in: Money, Banking, and the Business Cycle, chapter 6, pages 143-169, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33149-6_7
    DOI: 10.1057/9781137331496_7
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