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Procyclical has a different meaning in the context of economic policy. In this context, it refers to any aspect of economic policy that could magnify economic or financial fluctuations. Of course, since the effects of particular policies are often uncertain or disputed, a policy will be often procyclical, countercyclical or acyclical according ...
Myrdal developed further the circular cumulative causation concept and stated that it makes different assumptions from that of stable equilibrium on what can be considered the most important forces guiding the evolution of social processes. These forces characterise the dynamics of these processes in two diverse ways.
Nevertheless, since population trends are not simply determined by economic factors, population movements can exert an important independent effect on economic reproduction. In China population growth has been curbed by deliberate government policy to restrict the number of births per couple, using birth control methods.
Marx and Keynesians approach and apply the concept of economic crisis in distinct and opposite ways. [68] The Keynesian approach attempts to stay strictly within the economic sphere and describes 'boom' and 'bust' cycles that balance out.
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a ...
Social cycle theories are among the earliest social theories in sociology.Unlike the theory of social evolutionism, which views the evolution of society and human history as progressing in some new, unique direction(s), sociological cycle theory argues that events and stages of society and history generally repeat themselves in cycles.
Rather than being a separate and distinct sphere, the economy is embedded in both economic and non-economic institutions. Exchange takes place within and is regulated by society rather than being located in a social vacuum. For example, religion and government can be just as important to economics as economic institutions themselves. Socio ...
It is a system with no tendency toward equilibrium (social, economic, ecological, etc.), at least in the short run. Each iteration of the cycle reinforces the previous one, in an example of positive feedback. A vicious circle will continue in the direction of its momentum until an external factor intervenes to break the cycle.