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'Is the Business Cycle obsolete?' Discuss. The business cycle refers to the ups and downs seen somewhat simultaneously in most parts of an economy. The cycle involves shifts over time between periods of relatively rapid growth of output, alternating with periods of relative stagnation or decline. These fluctuations are often measured using the real gross domestic product. As Burns identifies, in duration, business cycles vary from more than one to ten or twelve years, they are not divisible into shorter cycles of analogous character with amplitudes approximating their own. This essay shall mainly focus on the United States Business cycle, to deduce whether the business cycle has become obsolete. Over the past century economists have been carrying out studies to deduce whether the business cycle is obsolete, or, has merely become less volatile. Lengthy expansion in the 1960s spurred debates about economic stabilisation, speculations about the end of business cycles, as well as...

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