(a) recessions are the object of countercyclical policy designed to minimize the waste
of unemployed labor and other resources.
(b) expansions are considered wasteful because of the tendency for inflation to be
generated near the cyclical peaks.
(c) recessions are considered to be useful cleansing devices for abandoning inefficient
uses of economic resources.
(d) depressions are considered to be necessary to maintain greater equality of wealth
and income over time.