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Other schools of economic thought, such as new classical macroeconomics, [citation needed] hold that countercyclical policies may be counterproductive or destabilizing, and therefore favor a laissez-faire fiscal policy as a better method for maintaining an overall robust economy. When the government adopts a countercyclical fiscal policy in ...
In economics, secular stagnation is a condition when there is negligible or no economic growth in a market-based economy. [1] [2] In this context, the term secular means long-term (from Latin "saeculum"—century or lifetime), and is used in contrast to cyclical or short-term. It suggests a change of fundamental dynamics which would play out ...
In the United States the unofficial beginning and ending dates of national economic expansions have been defined by an American private non-profit research organization known as the National Bureau of Economic Research (NBER). The NBER defines an expansion as a period when economic activity rises substantially, spreads across the economy, and ...
The series consist largely of interviews of government officials, economic analysts, and people who have experienced important events for the economy of the United States. Herbert Stein , an economic advisor for the Nixon administration, is one of the many guests interviewed in the series.
Economic cyclical asymmetry is usually based on cyclical trends in national markets, such as the labor market. A simple example is found in the yearly changes in demand for labor. Job markets are, by nature, cyclical, with upswings in certain sectors such as retail near year's end, and in construction during the spring and summer. [3]
The flow of money is shown with purple, and the flow of goods and services is shown with orange. Money flows in the opposite direction from goods and services. [1] Basic diagram of the circular flow of income. The functioning of the free-market economic system is represented with firms and households and interaction back and forth. [2]
Government deficit spending is a central point of controversy in economics, with prominent economists holding differing views. [3]The mainstream economics position is that deficit spending is desirable and necessary as part of countercyclical fiscal policy, but that there should not be a structural deficit (i.e., permanent deficit): The government should run deficits during recessions to ...
An example of a counter-cyclical policy is raising taxes to cool the economy and to prevent inflation when there is abundant demand-side growth, and engaging in deficit spending on labour-intensive infrastructure projects to stimulate employment and stabilize wages during economic downturns.