How did Henry George view the business cycle?
Steady and Linear
Haphazard and Random
Cyclic Nature of Industrialized Economies
Unpredictable
Answer
Henry George believed that the business cycle was a natural part of industrialized economies, and that it was caused by the accumulation of capital in the hands of a few wealthy individuals. He argued that this accumulation of capital led to a decline in demand for goods and services, which in turn led to a decline in production and employment.
Discovering the Legacy of Henry George: Test your Knowledge on the American Political Economist
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