... contractions, and revivals which merge into the expansion phase of the next cycle; this sequence of changes is recurrent but not periodic....". An important point to be noted in the case of business cycles is that business cycles are recurrent fluctuations (which are not perfectly regular with uniform frequency and amplitude) in aggregate employment, income, output and price level. TYPES OF CYCLES Business cycles are usually classified as under: 1. The 'Long Jugler Cycle'- It showed that periods of prosperity, crisis and liquidation followed each other always in the same order and the duration is on the average nine and a half years. 2. The Short Kitchin Cycle. Also known as the minor cycle which is of approximately 40 months duration. 3. The Very Long Kondratieff Cycle. A very long cycle, of more than 50 years duration, has come to be known as the Kondratieff wave. 4. Building Cycles. Another type of cycle relates to the construction ...

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