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The common or popular usage boom-and-bust cycle refers to fluctuations in which the expansion is rapid and the contraction severe.The first systematic exposition of economic crises, in opposition to the existing theory of economic equilibrium, was the 1819 Nouveaux Principes d'économie politique by Jean Charles Léonard de Sismondi.Notably, in 2003, Robert Lucas, in his presidential address to the American Economic Association, declared that the "central problem of depression-prevention [has] been solved, for all practical purposes." Unfortunately, this was followed by the 2008–2012 global recession.Various regions have experienced prolonged depressions, most dramatically the economic crisis in former Eastern Bloc countries following the end of the Soviet Union in 1991.The effect of technological progress can be seen by the purchasing power of an average hour's work, which has grown from in 1900 to in 1990, measured in 2010 dollars.There were similar increases in real wages during the 19th century.
The second declaration was in the early 2000s, following the stability and growth in the 1980s and 1990s in what came to be known as The Great Moderation.
The length of a business cycle is the period of time containing a single boom and contraction in sequence.
These fluctuations typically involve shifts over time between periods of relatively rapid economic growth (expansions or booms) and periods of relative stagnation or decline (contractions or recessions).
Sismondi and his contemporary Robert Owen, who expressed similar but less systematic thoughts in 1817 Report to the Committee of the Association for the Relief of the Manufacturing Poor, both identified the cause of economic cycles as overproduction and underconsumption, caused in particular by wealth inequality.
They advocated government intervention and socialism, respectively, as the solution.