BUSINESS CYCLE. AN AUSTRIAN VIEW

Approaching the economic cycle phenomenon is not an easy undertaking, because its explanations is fundamentally linked to how each school of economic thought perceive the functioning of the market, the nature of equilibrium and the role of the state. Moreover, even the theoretical approach to the business cycle is a cyclical one, recessions being always periods in which these concerns abound Various theories of business cycle often emphasize the importance of one factor in triggering the crisis. Thus, the crisis is explained by climate fluctuations, innovation, underconsumption, over-capitalization, excessive credits or consumer pshichological changes. The aim of our work is to distinguish the economic fluctuation from business cycle and to analyze the cyclical recurrence from the Austrian economists perspective.