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camiseta selección española eurocopa 2012,
INTRODUCTION
Many of the writers are of the opinion that the prevailing depression 2008 is the recessive phase of a trade cycle. I don't know whether it is so or the depression 2008 is a different phenomenon. All the same, I would like to recall the period when the world economies were in search of ways and means to control the then prevailing inflationary pressure. If that problematic inflation was a consequence of some trade cycle running that time, the present depressive trend may well be a consequence of the successive downward phase (after boom) of the same trade cycle. Then, it needs not be taken as a new thing.
An economy is likely to encounter many disturbances whereby all methods of maintaining employment and national income as steadily rising involve certain difficulties and weaknesses depending upon the nature and size of the disturbances. The periodical rise and fall in the level of economic activities, employment and national income is the most frequent type of the disturbances and is known as trade cycle. This type of cyclical fluctuations has been experienced by all industrial countries since the nineteenth century. While governments may have the greatest difficulty in overcoming the effects of major structural changes in the economy, they should be able at least camiseta del barcelona to mitigate cyclical fluctuations by means of suitable monetary and fiscal measures.

SAMUELSON'S THEORY OF TRADE CYCLE
Among various theories of trade cycle propounded by different economists the theories base on the principle of accelerator allied with the multiplier principle have paved the way for more accurate analysis of trade cycle. Economists like R. F. Harrod, A. H. Hansen, J. R. Hicks and P. A. Samuelson have made fairly successful attempts to establish that the interaction of the accelerator with the multiplier is capable, under certain circumstances, of generating continuous cyclical fluctuations.
Paul A. Samuelson studied the multiplier-accelerator interaction in greater detail and derived a model in which a series of equations expresses the way in which the two forces interact to affect income, consumption and investment over a time. According to him, the multiplier and the accelerator combine in a series of endless possibilities depending upon the values of the multiplier and the accelerator. In other words, the initial increase in autonomous investment (Ia) works through the multiplier (K) to cause an increase in income (Y), say dY = K x Ia {where, K=1/(1 - c) and c represents the marginal propensity to consume (MPC)], and this increase in income (dY) brings an increase in consumption (C), say dC = c x dY (where c which works through the accelerator (w) to cause a change in induced investment (In), say dIn = w x dC, which, in turn, further increases income by K x dIn and so the action and the reaction continue. The process is super cumulative because one initial increase (or decrease) will set off a snow-ball effect where income and investment interact to magnify the impact at each successive level. Samuelson used lagged functions for investment and consumption and derived income function which gave various patterns of change in income level, for different combinations of the values of the marginal propensity to consume (MPC) and the accelerator, for a given change in autonomous investment (government spending).

EXTENUATION OF CYCLICAL FLUCTUATIONS
The present study aims at finding out the condition related to the change in autonomous investment that extenuates the cyclical fluctuations by making plain the ebbs and flows of a trade cycle, explained by Samuelson's model. The change in autonomous investment in accordance to the so derived condition will provide the steady rate of income growth.
The income function derived by Samuelson reads as ?
Yt = Gt + cYt-1 + w (Ct ? Ct-1)

Where, Yt = Aggregate income or output during a period t.
Gt = Autonomous investment incurred by government during the period t, c = Marginal propensity to consume (MPC), w = Capital output ratio or the accelerator and Ct = Aggregate consumption during the period t.
Yt-1 and Ct-1 denote the income and the consumption, respectively, in previous period.
Therefore, Yt+1 = Gt+1 + cYt + w(Ct+1 ? Ct)

But, Ct = cYt-1 and Ct+1 = cYt

Therefore, Yt+1 = Gt+1 + cYt + cwYt ? cwYt-1

Or, Yt+1 ? Yt = Gt+1 + cYt + cwYt ? cwYt-1 ? Yt

Or, Yt+1 ? Yt = Gt+1 + cw(Yt ? Yt-1) ? (1? c)Yt

Or, dYt+1= Gt+1 + cw dYt ? (1? c)Yt
[Where, dYt+1 = Yt ? Yt-1 and dYt = Yt ? Yt-1]

Or, dYt+1 ? dYt = Gt+1 + (cw ? 1) dYt ? (1? c)Yt

dYt+1 and dYt represent the rise in income in (t + 1)th and (t)th period, respectively. If the cyclical fluctuations in the level of income are extenuated, there will be established a steady rate of income growth.
Thus, dYt+1 = dYt

Or, dYt+1 ? dYt = 0

Therefore, Gt+1 + (cw ? 1) dYt ? (1? c)Yt = 0
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Or, Gt+1 = (1? c)Yt ? (cw ? 1) dYt

Or, Gt+1 = (1? c)Yt ? (cw ? 1)(Yt ? camisetas futbol 2011 Yt-1)

Or, Gt+1 = (2 ? cw ? c)Yt ? (1 ? cw)Yt-1

Or, Gt+1 = AYt ? BYt-1 ---------------(1)

Where, A = 2 ? cw ? c

And, B = 1 ? cw

Relation (1) represents the condition in which the cyclical fluctuations in the level of income, as explained by Samuelson's model, are extenuated.
The values of c (= 0.6) and w (= 1.5), which are related to the numerical example used by Samuelson to show how the cyclical fluctuations in the level of income are generated, give the values of A and B equal to 0.5 and 0.1, respectively.

Therefore, Gt+1 = 0.5Yt ? 0.1Yt-1 -------------(2)

If the initial rate of annual autonomous investment (G) is Rs 40 which is changed to Rs 50 in (t)th period and if the rate of autonomous investment (G) is planned as per the relation (2) for (t + 1)th and onward periods, the level of income will experience a steady growth as shown in the table given in the end hereof.

CONCLUSION
It is widely accepted that the interaction between multiplier and accelerator causes the generation of trade cycles and that the Samuelson's model is the true explanation of the network. If it is so, the extenuation of cyclical fluctuations on account of trade cycles becomes possible, fully and easily, by regulating the autonomous investment according to the relation (1) explained hereinabove. In this way the myth of bringing out the economy from the depths of depression becomes converted into reality. This will enable the national income to grow without fluctuations on account of a trade cycle caused by the multiplier-accelerator interaction. Therefore, it may well be concluded that if the depression 2008 is the recessive phase of a trade cycle, it can easily be treated in the way suggested above.