What is VIRTUOUS CYCLE? Explain with an example.
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A virtuous circle has favorable results, while a vicious circle has detrimental results. Both circles are complex chains of events with no tendency toward equilibrium (social, economic, ecological, etc.) - at least in the short run. ... A well-known example of a vicious circle in economics is hyperinflation.
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Virtuous cycle is a recurring cycle of events, the result of each one being to increase the beneficial effect of the next. A virtuous cycle in the economy means that higher wages stimulate consumption, leading to higher prices and larger corporate profits.
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