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in: Handbook of Research on Challenges in Public Economics in the Era of Globalization, Şahin Akkaya,Başak Ergüder, Editor, IGI Global, Pennsylvania, pp.35-75, 2022
In the history of economic thought, the debate for more than 200 years is based on whether there is a general equilibrium at the level of economic activity, independent of time and place. In this context, the concepts of economic balance and imbalance have great importance. In the history of industrial capitalism, a balanced and stable growth trend never occurred, and general abundance and scarcity followed each other. These expansions and recessions, which are being observed along the history in capitalist production system, constitute the main subject of the literature of business cycles. Two basic views dominate the literature of business cycles. The orthodox view represents the mainstream economics, and the heterodox view stands opposite the former. In this study, the opinions of both regarding the causes and effects of business cycles were addressed, and the measures that they deem required to be taken for re-stabilizing the economies were examined.