How Do Architectural Booms Sometimes Become Economic Downturns?

It would be an understatement to say that architecture is a profession that closely mirrors economic conditions. In this practice, we’ve all heard the stories or felt the experiences of recessions that were quickly followed by projects put on hold, a decreased pipeline of new business, and the unfortunate impact of layoffs and furloughs. The cyclical nature of the design field, paired with the pressure to meet the spatial needs for a growing global population in a time where the value of land has continued to sky-rocket means that architecture is naturally subjected to economic impacts in a significant way.  But some economic theories predict that instead of the economy dictating the ebbs and flows of the design profession, architecture might be one of the influences causing economic downturns.