A Review of Pre-Keynesian Neoclassical Business Cycle Theory
Journal Title: JOURNAL OF COMMERCE AND TRADE - Year 2016, Vol 11, Issue 1
Abstract
Although some practicing economists believe there was no macroeconomics before Keynes, historians of economic thought recognize a rich and varied stream of literature on monetary and business cycle theory that predate and form the context for Keynes’s General Theory. Accordingly, the present paper examines many of the popular Neoclassicalbusiness cycle theories developed prior to the Keynesian Revolution. There are several valuable classifications of these theories; however, it is common to sort the writings on business cycles according to the cause attributed. In particular, this paper will follow an early twentieth century convention, using the terms “originating cause” and “self-generating cycle” to describe the various business cycle theories.Originating causes, such as war and weather, keep the business system in a continual state of unbalance. The business responses to those originating causes create a self-generating cycle of recurrent upward and downward movements in economic activity. This paper should prove useful to teachers (and students) of macroeconomics who wish to complement their technical material with a historical perspective. Classification-JEL: A0, T18, C0
Authors and Affiliations
hristopher K. Manner
Keywords
Related Articles
- EP ID EP244105
- DOI -
- Views 149
- Downloads 0
A Study of ATM Users’ Attitude About ATM Receipt in Dindigul City (With Special Reference to Thermal Paper (BPA))
In recent trend the banking sector provides more services to their customers due to the technological development. ATM centre is also one of the major service which are provided by the bankers. The receipt which is issue...
Influence of Celebrity Endorsement on Consumer Buying Behaviour of Youth with Respect to Mobile Telecommunication Service Providers
Over the years, celebrities are being increasingly used for delivering services other than performing their actual role as either an actor or sportsperson, such as endorsements. Despite the cost and the risks involved wi...
Productivity of Human Resource in Higher Education
In the context of knowledge and education, human resource is an investment in the human capital promoting social and economic development and building its capabilities through various streams of higher education. Higher...
B3M : The Voice of India (Black Money)
It is like a story. A few centuries ago India was the world’s wealthiest nation. There was no poverty, plenty to eat, trade was booming riches abounded. Fittingly, it was called the “golden bird” by the rest of the world...
Role of Media in the Commercialization of Contemporary Arts
The glory of all ancient civilization is unearthed in their ruins as a proof of artistic excellence when Architecture, Sculpture, Drawing and painting etc. were very intelligently planned in terms of aesthetics, magnific...