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Journal Article

Pigou and Modern Business Cycle Theory

David Collard
The Economic Journal
Vol. 106, No. 437 (Jul., 1996), pp. 912-924
Published by: Wiley on behalf of the Royal Economic Society
DOI: 10.2307/2235364
Stable URL: http://www.jstor.org/stable/2235364
Page Count: 13
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Pigou and Modern Business Cycle Theory
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Abstract

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.

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