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Pigou and Modern Business Cycle Theory
The Economic Journal
Vol. 106, No. 437 (Jul., 1996), pp. 912-924
Stable URL: http://www.jstor.org/stable/2235364
Page Count: 13
You can always find the topics here!Topics: Economic fluctuations, Unemployment, Business cycle theory, Prices, Keynesianism, Productivity, Economic models, Economic growth models, Labor markets, Political economy
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It is contended that 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; non-perfect competition; labour market institutions; externalities. Thus his work may have some lessons for modern economists in terms of the scope and method of business cycle theory.
The Economic Journal © 1996 Royal Economic Society