Economics of Regaining Office: The Case of Pakistan (1947-2005)

Muhammad Shahid Akram, Toseef Azid


Political business cycle (PBC) can be defined as fluctuations
in the economy due to an attempt of a government to manipulate the
economy prior to elections for favourable outcomes i.e. regaining its
office. The concept of policy cycles gained a good deal of attention by
the economists during mid 70s. Though most of the researchers attribute
the PBC theory to Schumpeter (1939) and Kalecki (1943) but the seminal
work in the theory of PBC is Nordhaus (1975).

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