Views Of Romanian Economists On The Cyclical Fluctuations In Economy

As part of a larger work, the objective of this article is to identify the Romanian economists concerned with the study of economic crisis and cyclical fluctuations and to critically and theoretically review the Romanian literature on this subject. The research is a qualitative one and it is based upon the studying of the specialized intern literature, the tools for this research were analysis and synthesis. The study of the Romanian economic thought, concerned with explaining the causes of cyclical fluctuations, has a special importance in understanding the economic system, in general, and in taking the right measures in mitigating the fluctuations and in economic recovery after a crisis period, in particular. The starting point of the theories regarding the cyclical fluctuations in Romania is 1929, when the economic crisis broke out, with serious effects on the development of Romania. An extensive literature has been written on the economic crisis of 1929-1933, in which Romanian economists exposed their views on the causes that generated it and the solutions to get out of that state. The same thing happened during the crisis in 2008-2010. When its effects were felt in Romania, the national economists tried to explain the causes of economic crisis, as well as finding ways of recovery for the Romanian economy. The research reveals the fact that all the analyzed theories, regardless of the historical period, considered the causes of cyclical fluctuation, in general, and the causes of economic crises, in particular, as being endogenous. (technical progress, investment, consumption, production variation, overcapitalization) The presentation of the economists who were concerned by this research is not exhaustive but selective and the most representative were elected to the matter under discussion, based upon the impact of their research on the economic fluctuation theories. It is necessary to take into account the nature of the economic and social era of the historical period in which they were made, and the historical moment not only puts its mark on the theoretical generalizations but also determines their limits.