Footnotes:

1. The business cycle has been described and measured in different ways. Marx in the nineteenth century comments:

• If we observe the cycles in which modern industry moves-state of inactivity, mounting revival, prosperity, over-production, crisis, stagnation, state of inactivity, etc., which fall beyond the scope of our analysis--we shall find that a low rate of interest generally corresponds to periods of prosperity or extra profit, a rise in interest separates prosperity and its reverse, and a maximum of interest up to a point of extreme usury corresponds to the period of crisis.(63).
(Marx, K, Capital, Vol III. International Publishers. p. 360.)