Business Cycle Theory, Part I:
Selected Texts 1860–1939
Editor: Harald Hagemann
978 1 85196 454 3: 234x156mm: £450.00/$795.00
In the mid-nineteenth century the business cycle was increasingly recognised as a recurrent phenomenon. The problem attracted many outstanding economists throughout the Western world until the Second World War. This edition contains key texts from the range of literature in the field. It covers a long list of Anglo-Saxon writers as well as the most important contributions from the French, German, Italian, Russian and Swedish debates. Several of the texts are published for the first time in an English translation.
While the oldest business cycle theories presented in this edition did not achieve the degree of analytical rigour associated with modern economists, the richness of their observations, their demonstration of the complex interaction between real and monetary, as well as structural change factors in economic systems, and the close association between the historical and analytical methods typical of their analyses provides a fertile source of inspiration for business cycle analysts.
- Features specially commissioned new translations
- Includes a general introduction, headnotes and an index
Contents
Volume 1: Some Early Classics
C Juglar, excerpt, A Brief History of Panics and Their Periodical Occurence in the United States (1916); J S Mill, ‘Influence of Credit on Prices’, The Principles of Political Economy (1967); J Mills, ‘On Credit Cycles and the Origin of Commercial Panics’ (1867); K Marx, ‘Accumulation and Reproduction on an Extended Scale’, Capital: A Critique of Political Economy (1885); K Marx, excerpt, Theories of Surplus Value (1919); W S Jevons, ‘Commercial Crises and Sunspots’, Investigations in Currency and Finance (1884); A F Mummery and J A Hobson, excerpt, The Physiology of Industry (1889); A Marshall and M P Marshall, excerpt, The Economics of Industry (1879); A Marshall, ‘Fluctuations of Industry, Trade and Credit’, Money, Credit and Commerce, (1923); W C Mitchell, Chapter 1, Business Cycles and Unemployment (1923); J Kitchin, ‘Cycles and Trends in Economic Factors’, (1923); S Kuznets, excerpt, Secular Movements in Production and Prices (1930)
Volume 2: Structural Theories of the Business Cycle
*M Tugan-Baranowsky, excerpt, Studien zur Theorie und Geschichte der Handelskrisen in England (1901); *A Spiethoff, ‘Vorbemerkungen zu einer Theorie der Überproduktion’ (1902); K Wicksell, ‘The Enigma of Business Cycles’ (1953); *K Wicksell, ‘Eine neue Krisentheorie’ (1998); A Spiethoff, ‘Business Cycles’ (1953); A Aftalion, ‘The Theory of Economic Cycles Based on the Capitalist Technique of Production’ (1927); D H Robertson, ‘Review of M. Tugan-Baranowsky, Les Crises Industrielles en Angleterre and A Aftalion Les Crises Périodiques de Surproduction’ (1914); M Fanno, ‘Production Cycles, Credit Cycles and Industrial Fluctuations’ (1993); F A Hayek, ‘The conditions of equilibrium between the production of consumers´goods and the production of producers’ goods’, Prices and Production (1935); H S Ellis, ‘Die Bedeutung der Produktionsperiode für die Krisentheorie’ (1935)
Volume 3: Monetary Theories of the Business Cycle
M T England, ‘Promotions as the Cause of Cycles’ (1915); I Fisher, ‘Our Unstable Dollar and the So-called Business-Cycle’ (1925); R G Hawtrey, ‘The Trade Cycle’ (1926); R G Hawtrey, ‘The Monetary Theory of the Trade Cycle’ (1929); L von Mises, ‘Money, Credit and Interest’, The Theory of Money and Credit (1934); A C Pigou, ‘Correctives of the Trade Cycle’ (1924); *F A Hayek, ‘Einige Bemerkungen über das Verhältnis der Geldtheorie zur Konjunkturtheorie’ (1928); *A Lowe, ‘Über den Einfluss monetärer Faktoren auf den Konjunkturzyklus’ (1928); G Myrdal, ‘Wicksell’s Statement of the Problem of Monetary Theory’, Monetary Equilibrium (1939); I Fisher, ‘The Debt-Deflation Theory of Great Depressions’ (1933); G Harbeler, ‘Money and the Business Cycle’ (1932); J Viner, ‘International Aspects of the Gold Standard’ (1932); H C Simons, ‘Banking and Business Cycles’, Banking and Currency Reform, (1933); D H Robertson, ‘A Survey of Modern Monetary Controversy’ (1938)
Volume 4: Equilibrium and the Business Cycle
A Lowe, ‘How is business cycle theory possible at all? ’ (1997); F A Hayek, ‘The Problem of the Trade Cycle’, Monetary Theory and the Trade Cycle (1933); E Slutsky, ‘The Summation of Random Causes as the Source of Cyclic Processes’ (1937); S Kuznets, ‘Equilibrium Economics and Business-cycle theory’ (1930); E Lundberg, ‘On the Concept of Economic Equilibrium’ (1930); *F A Lutz, excerpts, Das Konjunkturproblem in der Nationalökonomie (1932); *G Del Vecchio, ‘Sulla teoria economica delle crisi’, Capitale e Interesse (1956); J R Hicks, ‘Equilibrium and the Trade Cycle’ (1933); R Frisch, ‘Propagation Problems and Impulse Problems in Dynamic Economics’ (1933); O Morgenstern, ‘Perfect Foresight and Economic Equilibrium’ (1976)
* New Translation
Reviews
‘No review could do full justice to the richness of the articles reprinted in such a comprehensive work as this. This collection makes many classic works directly available to students, researchers and teachers. The paradigms represented in these works still influence business cycle research.’
– Frank de Langen, Review of Political Economy