Wesley Mitchell’s Grand Design and Its Critics: The Theory and Measurement of Business Cycles

Abstract

Business cycles are a type offluctuation found in the aggregate economic activity of nations vvho organize their work mainly in business enterprises: a cycle consists of expansions occurring at about the same time in many economic activities, followed by similarly general recessions, contractions, and revvals . . in duration business cycles vary from more than one year to ten or twelve years . . . -Arthur F. Burns and Wesley C. Mitchell, 1946

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