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Relaxation oscillations in the history of business cycles from 1928 to 1941

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  • Jean-Marc Ginoux
  • Franck Jovanovic

Abstract

To date no satisfactory reason has been given to explain why no economist succeeded in proposing a business cycle model with nonlinear oscillations before Richard Goodwin. This article investigates the attempts of economists to model endogenous macrodynamic fluctuations with relaxation oscillations before 1941. It clarifies a common error between self-maintained oscillations and relaxation oscillations. It demonstrates that Van der Pol’s work opened three research programs in economics: relaxation oscillations, self-maintained oscillations, and damped oscillations maintained by exogenous and erratic impulses. It establishes that in 1941 Yves Rocard demonstrated that relaxation oscillations for modelling business cycles was a dead end.

Suggested Citation

  • Jean-Marc Ginoux & Franck Jovanovic, 2024. "Relaxation oscillations in the history of business cycles from 1928 to 1941," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 31(3), pages 400-427, May.
    • Handle: RePEc:taf:eujhet:v:31:y:2024:i:3:p:400-427
    DOI: 10.1080/09672567.2023.2292799
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