Lectures on the Mathematical Method in Analytical Economics by Jacob T. Schwartz

Author:Jacob T. Schwartz
Language: eng
Format: epub
Publisher: Courier Publishing
Published: 2018-12-15T16:00:00+00:00

Fig. 13. Recession of 1954. Plane of production and inventory.

The motion described by Fig. 13 shows a marked similarity with that of Fig. 12. Fig. 13 also suggests that the course of economic motion tends to be quite stable against external influences: the steel strike of 1952 appears as a passing episode leaving hardly any discernible trace.

The over-all pattern of motion seen in Figs. 12 and 13 repeats itself in the following Fig. 14; we see the same pattern beginning to develop in Fig. 15, which depicts the start of the 1960–1 recession, still in process at the time of writing.

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