National bureau of economic research business cycle dating committee
Hundreds of the nation's leading scholars in economics and business are also NBER researchers who focus on four types of empirical research: developing new statistical measurements, estimating quantitative models of economic behavior, assessing the effects of public policies on the U. economy, and projecting the effects of alternative policy proposals.
Twelve of the 31 American Nobel Prize winners in Economics have been researchers at the bureau.
Sismondi and his contemporary Robert Owen, who expressed similar but less systematic thoughts in 1817 Report to the Committee of the Association for the Relief of the Manufacturing Poor, both identified the cause of economic cycles as overproduction and underconsumption, caused in particular by wealth inequality.
They advocated government intervention and socialism, respectively, as the solution.
The effect of technological progress can be seen by the purchasing power of an average hour's work, which has grown from in 1900 to in 1990, measured in 2010 dollars.
Though only passing references in Das Kapital (1867) refer to crises, they were extensively discussed in Marx's posthumously published books, particularly in Theories of Surplus Value.Thirty major debt forgiveness events are recorded in history including the debt forgiveness given to most european nations in the 1930s to 1954.Over the period since the Industrial Revolution, technological progress has had a much larger effect on the economy than any fluctuations in credit or debt, the primary exception being the Great Depression, which caused a multi-year steep economic decline.The length of a business cycle is the period of time containing a single boom and contraction in sequence.These fluctuations typically involve shifts over time between periods of relatively rapid economic growth (expansions or booms) and periods of relative stagnation or decline (contractions or recessions).