Pigou and Modern Business Cycle Theory
It is contended that A. C. Pigou's scientific 'vision' in Industrial Fluctuations (1927) has much in common with that of modern business cycle theory. Both stressed, though to different degrees, the centrality of competition and rationality. However, Pigou gave much more emphasis than does modern theory to multiplicity of causes, psychology, amplitude, interaction among impulses, nonperfect competition, labor market institutions, and externalities. Thus his work may have some lessons for modern economists in terms of the scope and method of business cycle theory. Copyright 1996 by Royal Economic Society.
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Volume (Year): 106 (1996)
Issue (Month): 437 (July)
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