John Wade formulated, in 1826 and 1833, two models of cyclical fluctuations most likely to be the first in the literature. They are fully endogenous, based on a cobweb-like mechanism affecting not agricultural production, as was customary at the time, but manufacture. Wade's earlier model relies...

The influence of political developments on the evolution of economic thought is the main theme behind this book. As the authors reveal throughout the book, history has shown many times that political events can trigger the formulation of new economic conceptions that in turn influence the future...

Cet article étudie la théorie des crises développée par Louis-Amable Petit (1868) relativement aux autres théories semblables alors présentes dans la seconde moitié du XIX^e siècle. Adversaire de la loi de Say, Petit propose une explication endogène des crises fondée sur les...

Clément Juglar is widely perceived nowadays as the pioneer of the theory of the business cycle, the one who developed in the early 1860s the view that economic life follows a rhythmic pattern and thereby lay the main bricks for the evolution of the older theories of crises into a theory of the...

In 1926 Adolf Löwe suggested that business cycle theories are fundamentally incompatible with the idea that the system tends towards equilibrium. Hayek, his disagreement with such a conclusion notwithstanding, recognised that the issue is central to business cycle theorizing, and agreed with...