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Pigou and Modern Business Cycle Theory

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  • Collard, David

Abstract

It is contended that A. C. Pigou's scientific 'vision' in Industrial Fluctuations (1927) has much in common with that of modern business cycle theory. Both stressed, though to different degrees, the centrality of competition and rationality. However, Pigou gave much more emphasis than does modern theory to multiplicity of causes, psychology, amplitude, interaction among impulses, nonperfect competition, labor market institutions, and externalities. Thus his work may have some lessons for modern economists in terms of the scope and method of business cycle theory. Copyright 1996 by Royal Economic Society.

Suggested Citation

  • Collard, David, 1996. "Pigou and Modern Business Cycle Theory," Economic Journal, Royal Economic Society, vol. 106(437), pages 912-924, July.
    • Handle: RePEc:ecj:econjl:v:106:y:1996:i:437:p:912-24
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    Cited by:

    1. Hansjoerg Klausinger, 1999. "The Stability of Full Employment. A Reconstruction of Chapter 19-Keynesianism," Department of Economics Working Papers wuwp063, Vienna University of Economics and Business, Department of Economics.
    2. Paul Beaudry & Franck Portier, 2014. "News-Driven Business Cycles: Insights and Challenges," Journal of Economic Literature, American Economic Association, vol. 52(4), pages 993-1074, December.
    3. Farkas, Beáta, 2016. "A várakozások szerepe a közgazdasági gondolkodásban [Expectations in thinking on economics]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 1177-1191.

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