Chancing an interpretation: Slutsky's random cycles revisited

This article examines Slutsky's 1927 paper 'The Summation of Random Causes as the Source of Cyclic Processes'. It provides an in-depth analysis of both the content and the reception of Slutsky's groundbreaking contribution by distinguishing between a 'real' and a 'statistical' interpretation of Slutsky's two related hypotheses, and also discusses the context of composition of the paper in the Moscow Conjuncture Institute. It then places the 1927 paper in the context of Slutsky's other work in economics and statistics, and highlights some lines of influence that have emanated from it. Various latent ambiguities in Slutsky's ideas are considered.