Business Cycles: Boom and Bust

The video tutorial explains the concept of business cycles, highlighting the phases of expansion and contraction in an economy. It discusses economic downturns like recessions and depressions, with a focus on stagflation. The tutorial explores tools and variables used to predict business cycles, such as GDP and consumer spending. It contrasts the economic theories of Friedrich Hayek and John Maynard Keynes, emphasizing their differing views on government intervention. The video concludes with a discussion on modern economic perspectives, including supply-side and Keynesian economics.

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