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JEVONS, SUNSPOT THEORY AND ECONOMIC FLUCTUATIONS

Mauro Gallegati and Domenico Mignacca
History of Economic Ideas
Vol. 2, No. 2 (1994), pp. 23-40
Published by: Accademia Editoriale
Stable URL: http://www.jstor.org/stable/23722216
Page Count: 18
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JEVONS, SUNSPOT THEORY AND ECONOMIC FLUCTUATIONS
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Abstract

This paper presents Jevons's sunspot theory and examines the reasons for its abandonment. It analyses the various ramifications of Jevons's thought during the course of this century until it fell into definitive neglect. An econometric exercise in the Appendix assesses the robustness of the 'impulse'; although the hypothesis is not entirely rejected, sunspots account for a percentage too small to qualify them as the prime cause of fluctuations. Overall, Jevons's theory, as an attractive but not entirely felicitous idea, may provide contemporary economic analysis with a possible alternative to the dominant impulse-propagating mechanism.

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