Routledge Dictionary of Economics, Second Edition
A cycle in economic activity lasting fifteen to twenty-five years first identified by KUZNETS in 1930. Changes in residential and other types of construction, particularly brought about by large-scale immigration, create these cycles.
Each cycle consists of three phases: the rebound from DEPRESSION taking three to see years; steady growth at FULL EMPLOYMENT lasting seven to eleven years; depression or stagnation of four to seven years with high unemployment in most years. In the case of the USA, immigration stimulated the steady growth phase. The cycle has been less pronounced since 1945.
See also: Juglar cycle; Kitchin cycle; Kondratieff cycle
References
Kuznets, S.S. (1967) Secular Movements in Production and Prices: Their Nature and Their bearing on Cyclical Fluctuations, Boston and New York: A.M.Kelly.
This is the complete article, containing 122 words
(approx. 1 page at 300 words per page).
