Forces of Production Factors & Economic Cycle

Abstract

The article entitled “Forces of Production Factors and Economic Cycle” is a philosophical academic article that was filtered the knowledge body of the economic cycle theory and the production factor theory to explain the correlation of the production factors at each stage of the economic cycle. The objective was to analyze the production factors under each economic cycle situation in Thailand which could create the knowledge body for the economic policy implementation in each economic cycle. However, the production factors varies across different

stages of the economic cycle. During periods of economic prosperity, the production factors are heavily utilized. In contrast, during the economic recession, the use of production factors significantly declines and sometimes even entirely ceases. However, during the economic recovery, the production factors are gradually reintroduced. The author also suggested the tailored - macroeconomic policy implementation, which were aligned with the economic cycle, to foster the sustainable economic growth in Thailand.