Abstract
The ups and downs of economic life are not new. In the Book of Genesis we read the story of Joseph, who interpreted the Pharoah’s dream to forecast that 7 years of good harvests would be followed by 7 years of famine. He advised that surplus grain be stored in reserve, so that when the lean years arrived people could continue to eat. (This illustrates what economists call “consumption smoothing”, evening out living standards between good times and bad.)
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© 2014 Springer-Verlag Berlin Heidelberg
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Dorman, P. (2014). Business Cycles. In: Macroeconomics. Springer Texts in Business and Economics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-37441-8_14
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DOI: https://doi.org/10.1007/978-3-642-37441-8_14
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