A Review of Pre-Keynesian Neoclassical Business Cycle Theory
Christopher K. Manner ()
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Christopher K. Manner: Ph. D., Union University, Jackson TN, USA
Journal of Commerce and Trade, 2016, vol. 11, issue 1, pages 7-15
Although some practicing economists believe there was no macroeconomics before Keynes, historians of economic thought recognize a rich and varied stream of literature on monetary and business cycle theory that predate and form the context for Keynesâ€™s General Theory. Accordingly, the present paper examines many of the popular Neoclassicalbusiness cycle theories developed prior to the Keynesian Revolution. There are several valuable classifications of these theories; however, it is common to sort the writings on business cycles according to the cause attributed. In particular, this paper will follow an early twentieth century convention, using the terms â€œoriginating causeâ€ and â€œself-generating cycleâ€ to describe the various business cycle theories.Originating causes, such as war and weather, keep the business system in a continual state of unbalance. The business responses to those originating causes create a self-generating cycle of recurrent upward and downward movements in economic activity. This paper should prove useful to teachers (and students) of macroeconomics who wish to complement their technical material with a historical perspective.
Keywords: Business Cycle Theory; Neoclassical School; Originating Cause; and Self-Generating Cycle. (search for similar items in EconPapers)
JEL-codes: A0 C0 (search for similar items in EconPapers)
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Persistent link: http://EconPapers.repec.org/RePEc:jct:journl:v:11:y:2016:i:1:p:7-15
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