Trade types of cycle distinguished by Schumpeter
What are the trade types of cycle distinguished by Schumpeter?
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Schumpeter distinguished three types of trade cycle as given below:
1. Short Kitchin Cycle:
It is the period of this cycle is very short, around four month’s duration.
2. Longer juglar cycle: Such cycle has average 9.5 years duration.
3. Very long Kondratief Wave: This takes more than fifty years to run its course.
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The firm in this illustrated graph is clearly: (1) price taker in the sale of its output because of the shapes of the VMP and MRP curves. (2) price taker in the purchase of labor when this can hire as several workers as this chooses at roughly of $13 per hour. (3) mon
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