Business Cycles in the Run of History
This book analyzes the development of economic cycles in the run of history. The focus is on the development of cycle theory, with maximum emphasis upon ideas. Chapter 1 delivers an overview of the debate about cycles before the 1970s. Chapter 2 completes
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Thierry Aimar Francis Bismans Claude Diebolt
Business Cycles in the Run of History
123
SpringerBriefs in Economics
More information about this series at http://www.springer.com/series/8876
Thierry Aimar · Francis Bismans Claude Diebolt
Business Cycles in the Run of History in collaboration with Reynald Majetti and Zohra Rabah
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Thierry Aimar BETA/CNRS Université de Lorraine Nancy France
Claude Diebolt BETA/CNRS Université de Strasbourg Strasbourg France
Francis Bismans BETA/CNRS Université de Lorraine Nancy France
ISSN 2191-5504 ISSN 2191-5512 (electronic) SpringerBriefs in Economics ISBN 978-3-319-24323-8 ISBN 978-3-319-24325-2 (eBook) DOI 10.1007/978-3-319-24325-2 Library of Congress Control Number: 2015951343 Springer Cham Heidelberg New York Dordrecht London © The Author(s) 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer International Publishing AG Switzerland is part of Springer Science+Business Media (www.springer.com)
Contents
1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Reference. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2 Theory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 2.1 The “Old Decennial Cycle” and Its Theorizations. . . . . . . . . . . . . . . 8 2.1.1 Industrial Crises. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 2.1.2 Classical Business Cycles . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 2.2 The Years of High Theory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 2.2.1 Austrian Theory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 2.2.2 The Keynesian Revolution. . . . . . . . . . . . . . . . . . . . . . . . . . . 13 2.3 Keynesianism and Around. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 2.3.1 The Keyne
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