The goal of this article is to properly define the economic phenomenon business cycle. text rooted in tradition Austrian School Economics, and methodological framework builds on concepts developed by Aristotle Thomas Aquinas. This leads development a few new concepts, such as re-interpretation «inflation» «deflation», re-introduction «imaginary goods» an important social phenomenon. core observ...

We estimate the impact of macroeconomic conditions on childcare market. find that industry is substantially more exposed to business cycle than other low-wage industries and responds strongly negative shocks positive ones. Indeed, employment requires time recover rest economy. Although reduction in supply may pose difficulties for parents, we evidence center quality countercyclical. When unempl...