Cornell economics professor updates book on recessions

MOUNT VERNON – Cornell College Professor of Economics and Business Todd Knoop has released an extensively updated second edition of his book “Recessions and Depressions: Understanding Business Cycles.”

When it first appeared in 2004, the first edition offered readers an expertly guided tour through fundamental business cycle theories and the latest research on pivotal market failures.

The worldwide financial crisis of 2008 was a reminder that there is no such thing as a recession-proof economy, and that severe economic downturns can have devastating human consequences. It is also a reminder that, despite over two centuries of debate, there is still no universally accepted explanation for what makes business cycles turn the way they do.

As before, the second edition offers clear explanations of classical and Keynesian economic theory and how each has moved in and out of favor from the early 20th century to the present. It then provides detailed studies of major business-cycle downturns in the United States, from the Great Depression and postwar recessions to the “new” economy of the 1990s, the 2001 recession, and in an all-new chapter, the 2008 global financial crisis.

The book also features an exhaustive update of statistical data, coverage of recent international crises in Argentina and Japan, and a new chapter on what we do and don’t know about business cycles.

Knoop has taught economics at Cornell since 1998. He released the textbook “Modern Financial Macroeconomics: Panics, Crashes, and Crises” in April 2008.