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The Anatomy of a Typical Crisis

In: Manias, Panics, and Crashes

Author

Listed:
  • Robert Z. Aliber

    (University of Chicago)

  • Charles P. Kindleberger

    (Massachusetts Institute of Technology)

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.

Suggested Citation

  • Robert Z. Aliber & Charles P. Kindleberger, 2015. "The Anatomy of a Typical Crisis," Palgrave Macmillan Books, in: Manias, Panics, and Crashes, edition 0, chapter 2, pages 38-52, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-52574-1_3
    DOI: 10.1007/978-1-137-52574-1_3
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