Balance Mechanics and Business Cycles

Johannes Schmidt

The European Journal of the History of Economic Thought, 2019, vol. 26, issue 6, 1310-1340

Abstract: Many mainstream business cycle theories were not able to cope with the financial crisis theoretically. With his concept of balance mechanics, the German economist Wolfgang Stützel developed a framework for comparing different theories of business cycles which helps to understand the reasons for this inadequacy. This paper works out Stützel’s considerations and his four “model cases” of cycles more systematically and shows how the theories of the business cycle Stützel mentioned are related to theories discussed today. Modern business cycle theories did not cover all “model cases” and therefore had a blind spot.

Date: 2019
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DOI: 10.1080/09672567.2019.1682023

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