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The Orthodox Explanation of Fluctuations

In: Longrun Dynamics

Author

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  • Graeme Donald Snooks

    (Australian National University)

Abstract

During the twentieth century, business cycles, or shortrun economic fluctuations, have attracted the attention of a large number of leading economists. A sample of these includes economists of the stature of J.S. Duesenberry, Irving Fisher, Milton Friedman, Gottfried Haberler, Alvin Hansen, Roy Harrod, R.G. Hawtrey, Friedrich Hayek, John Hicks, N. Kaldor, J.M. Keynes, Simon Kuznets, R.C.O. Matthews, Wesley Mitchell, Arthur Pigou, D.H. Robertson, Arthur Spiethoff, and Joseph Schumpeter. And since the 1970s there has been an upsurge of interest in short-term fluctuations by advocates of ‘real business cycle’ theory (Stadler 1994). With the exception of Schumpeter (and possibly Harrod), these economists were concerned with shortrun rather than longrun fluctuations, mainly because the identification and analysis of long waves requires more historical knowledge than most economists possess. Most scholars interested in longrun fluctuations, as we shall see in Chapter 14, tend to be unorthodox, mainly Marxist, in economic persuasion.

Suggested Citation

  • Graeme Donald Snooks, 2000. "The Orthodox Explanation of Fluctuations," Palgrave Macmillan Books, in: Longrun Dynamics, chapter 13, pages 169-185, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59939-0_13
    DOI: 10.1057/9780230599390_13
    as

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