Abstract
When one discusses the fluctuations known as the business cycle, it is important to remember that one is talking about general, or economy-wide, fluctuations and not fluctuations that are specific to one geographic region or industry within an economy. One is talking about fluctuations in output, unemployment, prices, revenues, profits, and interest rates, among other variables, that occur across the economy. The fluctuations that constitute the business cycle occur across a number of years. In the post-World War II United States, the average cycle has lasted almost six years. Expansions in the post-World War II United States have generally lasted almost five years while the contractions have lasted almost one year on average.
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