US Business Cycles 1954–2020

Name: US Business Cycles 1954–2020
Price: 63.30 AUD
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ISBN: 9781009693530

Sources, Symptoms, Solutions

John T. Harvey (Texas Christian University)

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Paperback

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English

Cambridge University Press
18 December 2025

Macroeconomics; Economic growth; Economic history

What causes cyclical downturns that wreak havoc on our lives? Most economists will say that they result from random external shocks and that, without these, the economy would sail along beautifully. In US Business Cycles 1954-2020, John Harvey argues that overwhelming evidence points to an internal dynamic, one related to the behavior of economic agents that generates what we call a business cycle. He draws on the work of past Post-Keynesian and Institutionalist scholars to create a current theory of business cycles, one that treats them as systemic and not the result of random chance. He addresses not only unemployment and bankruptcies that are the immediate consequence of the business cycle, but critical social challenges like climate change and elderly care. Examining an extensive history of US fluctuations, Harvey fills a long-standing void within the discipline by offering an alternative theory of income, employment, and price determination.

By: John T. Harvey (Texas Christian University)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Weight: 250g
ISBN: 9781009693530
ISBN 10: 1009693530
Pages: 204
Publication Date: 18 December 2025
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active

Preface; 1. Introduction: the sorry state of modern macro theory; 2. Theoretical foundation aka what causes business cycles?; 3. Additional Factors: inflation, monetary and fiscal policy, the stock market, and secular stagnation; 4. US business cycles 1954 through 2020; 5. Policy and conclusions; Appendix: critical survey of business cycle theories.

John T. Harvey is the Hal Wright Professor of Economics in the Department of Economics at Texas Christian University. He is a well-known heterodox scholar who has published extensively, including two books: Currencies, Crises and Capital Flows (2009) and Contending Perspectives in Economics (2020 2nd edition). He has earned numerous awards for teaching and research and his work focuses on exchange rates and business cycles.