Lecture 1 Notes, Business Cycle

Lecture 1 Notes, Business Cycle - Lecture 1 Notes Business...

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Lecture 1 Notes, Business Cycle GDP is a measure of total production of goods and services in an economy, the US being one example. The two obvious features of postwar GDP are its upward trend (GDP has generally been increasing over the postwar period) and the short-term fluctuations or "wiggles'' in this generally upward-sloping line. We refer to these two issues as economic growth and business cycles , respectively. When you look at data over periods this long, the wiggles don't look very important, and in a sense they aren't: the short-term fluctuations are a small part of the wealth of nations. But from a personal point of view these cycles can be very important, as businessmen and workers dealing with the latest 2001 recession could tell you. The classical question of economic growth is why some countries are richer and/or grow faster than others. (The two are clearly related, since countries that grow faster will eventually be richer.) This differs from the previous, since I've
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