The impact of technology in business cycle theory

Bullock, Ian. (1991). The impact of technology in business cycle theory Honours Thesis, Dept. of Economics, The University of Queensland.

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Author Bullock, Ian.
Thesis Title The impact of technology in business cycle theory
School, Centre or Institute Dept. of Economics
Institution The University of Queensland
Publication date 1991
Thesis type Honours Thesis
Total pages 101
Language eng
Subjects 14 Economics
Formatted abstract
Fluctuations in output and employment and other economic variables are among the most regular and persistent facts of economics. Economists have always sort to explain why the economy goes through periods of booms and periods of depressions. Although there are some new and special features in the current economic downturn, such fluctuations are not new; fluctuations from the long run path of economic growth are known as business cycles.

Modern theories of the macro economy have attempted to explain business cycles within their general theory of the economy. Three schools are considered, the New Classical school, the Real Business Cycle school and the New Keynesian school. All these assign different importance to the impact of technology; it is central to the Real Business Cycle School and virtually non existent in the New Classical and New Keynesian schools. This is an interesting phenomenon for which an explanation is required. This paper gives such an explanation before considering the more general implications this has for business cycle theory in general.

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Created: Fri, 12 Nov 2010, 11:48:18 EST by Muhammad Noman Ali on behalf of The University of Queensland Library