An initial step in the early stages of business cycle theories: The contribution of T. Veblen

?The purpose of this paper is to evaluate Veblen?s theory of business cycles and to examine the actual type of theory being put forward. The first section offers an understanding that emphasizes the institutional dimension underlying Veblen?s theory. The second section presents the business cycle and crises according to Veblen. The third section focuses on determining whether his conception of the business cycle can be classified as exogenous or endogenous, and whether the fluctuations considered are monetary or real. The final section proposes an interpretation highlighting the evolutionary and dynamic mechanisms with connections with some contemporary multi-agent mode? ls simulating financial crises.