A determinant is a factor (e.g., the supply of money) while a cycle is a series of self-reinforcing determinants that lead to events transpiring in a certain way—e.g., central banks making lots of money and credit available eventually leads to strong economic growth, inflation, and bubbles, which then prompt central banks to reduce the money supply, which produces market and economic downturns, which then lead the central banks to increase the supply of money to… etc. So, cycles themselves are determinants that are a collection of complementary forces that interact in a process to produce the
...more
