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Cyclical stagnation: the continental contribution to Alvin Hansen’s stagnation thesis

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  • A. Reeves Johnson

Abstract

This paper concerns the original formulation of Hansen’s stagnation thesis and its chief influences. It begins by devoting attention to Hansen’s understanding of stagnation as a cyclical process; a marked contrast to the term’s current usage. As discussed, the stagnation thesis is an outgrowth of what will be called Hansen’s ‘weakened-cycle hypothesis’, which he put forth in the final pages of his 1927 monograph Business-Cycle Theory. The key ideas informing Hansen’s early view on weakening fluctuations were drawn from continental business-cycle theory, and most notably from the works of Arthur Spiethoff and Gustav Cassel.

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  • A. Reeves Johnson, 2022. "Cyclical stagnation: the continental contribution to Alvin Hansen’s stagnation thesis," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 29(2), pages 369-386, March.
    • Handle: RePEc:taf:eujhet:v:29:y:2022:i:2:p:369-386
    DOI: 10.1080/09672567.2021.2019292
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