I mean this went through thick and thin, through war and peace, through boom times and recessions.

The Peace Prosperity Cycle

Huge boom. Huge boom. Huge bust. Huge bust.

If contributions to the fund were made in times of prosperity, Governments would not need to cut spending during less affluent periods.

And then one day, boom, we retire.

Growth was also volatile, with boom bust cycles occurring across most regions.

MUNICH With the United States teetering into recession, the global economic boom has ended. The boom was unusually long and persistent, with four years of roughly 5 growth a period of sustained economic dynamism not seen since around 1970.

Put differently, the bust that follows years of a debt fueled boom leaves behind an economy that supplies too much of the wrong kind of good relative to the changed demand. Unlike a normal cyclical recession, in which demand falls across the board and recovery requires merely rehiring laid off workers to resume their old jobs, economic recovery following a lending bust typically requires workers to move across industries and to new locations.

Contemporary real business cycle theory builds a mountain of mathematics on top of these early models, the main effect being to minimize the destructiveness of the creation. It manages to combine technology driven cycles of booms and recessions with markets that always clear (i.e., there is no unemployment).

But I would argue, as Keynes did, that the boom, not the slump, is the time for austerity at the Treasury. To try to cut spending in a slump, as Osborne is doing, is to prolong the slump.

His solution was simple The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi slump but in abolishing slumps and thus keeping us permanently in a quasi boom. For Keynes, the underlying problem was a failure of the economy s credit channels.

The brain drain and the cycle of underdevelopment continued, while developed countries thrived.

When the bubble is in equity prices, the economy performs 4 below par, on average, after five years and as much as 9 below par when the bubble is in the housing market. Given these findings, it is clear that the distress experienced since the beginning of the economic crisis is not far out of line with historical experience.

Globally, incomes grew briskly inflation abated and stock markets boomed. Moreover, the recovery from the last major slump, in the early 1980s, brought about a quarter century of unprecedentedly strong and stable macroeconomic performance.

(c) Period of industrial depression (1982 90)

(b) Period of induced depression (1978 81)

Now, since that time, we've actually been through an extraordinary boom, the longest boom ever in the history of this country.

So, from the perspective of jobs, pay and prosperity, and against the backdrop of Brexit, rising cost of living and chronic manufacturing decline, the east end of Glasgow desperately needs a thriving manufacturing presence at McVitie's.

Capital buffers to absorb losses during the downturn of the cycle can be more easily built during the upswing. Furthermore, by raising regulatory capital costs in boom times, some counterweight to the pro cyclical bias intrinsic to financial systems would be introduced.

After puberty, we fall off the map.

A modern Keynesian government does not hesitate to increase spending in the face of a recession. But, in order to do that, it needs the high credibility and low debt that follow from having saved and repaid debt during the upswing.

(piano flourish)

Nevertheless, I support the use of fiscal stimulus in the US, because the current recession is much deeper than and different from previous downturns. Even with successful countercyclical policy, this recession is likely to last longer and be more damaging than any since the depression of the 1930 s.

It's like a recession. So, there's a recession.

A recession with depressed mineral prices results in a contraction of the sector, while a boom leads to increased demand and higher prices, thus benefiting the mining sector in Namibia.

It's good for their prosperity.

Tradable Prosperity

... canweprosper.

You might wonder, well, wasn't there a boom and a bust?

Imagining Recession

Recession Insurance

1.100 The drop out rate will have been reduced to an average of 0.38 per cent in the elementary cycle and 2.48 per cent in the preparatory cycle.

We know that in periods of economic recession, youth are among the worst hit.

Asia s Invention Boom

Over most of the postwar period, this post recession release of pent up consumer demand has been a powerful source of support for economic recovery. In the eight recoveries since the early 1950 s (excluding the brief pop following the credit controls induced slump in the 1980 s), the stock adjustment response lifted real consumption growth by 6.1 , on average, for five quarters following business cycle downturns spurts of 7 8 growth were not uncommon for a quarter or two.

The Middle East s Arc of Prosperity

Finding the Keys to National Prosperity

China s End of Exuberance

The Bloom Is off the BRICS

What Greece Needs to Prosper

Israel s Lonely Prosperity

Live Long and Prosper

How can we move towards overall prosperity?

The Samurdhi (prosperity) programme

Everybody's prosperous, everybody's happy.