THE THEORY OF ECONOMIC CRISES, ITS EMERGENCE AND DEVELOPMENT
Keywords:
Economy, economic crisis, economic growth, economic infrastructure, economic policyAbstract
The theory of economic crises encompasses a range of ideas that seek to explain the causes, manifestations, and consequences of economic downturns. At its core, this theory examines how various factors—such as market dynamics, government policies, and external shocks—interact to precipitate crises. The appearance of economic crises is often linked to systemic imbalances within an economy, such as overproduction, excessive speculation, or unsustainable debt levels. These imbalances can lead to a loss of confidence among consumers and investors, triggering a downward spiral in economic activity.
Historically, economic crises have been categorized into different types: financial crises, which involve banking failures and stock market crashes; recessionary crises, characterized by prolonged periods of negative growth; and structural crises that arise from fundamental shifts in the economy. Each type has distinct features but shares common underlying mechanisms.
The development of these theories has evolved over time. Classical economists like Adam Smith emphasized the self-regulating nature of markets but acknowledged that external shocks could disrupt equilibrium. In contrast, Keynesian economics introduced the idea that aggregate demand plays a crucial role in maintaining economic stability. More contemporary theories incorporate behavioral economics and complexity science to understand how psychological factors and interconnected systems contribute to crisis dynamics.
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