Cyclical stagnation: the continental contribution to Alvin Hansen’s stagnation thesis

A. Reeves Johnson

The European Journal of the History of Economic Thought, 2022, vol. 29, issue 2, 369-386

Abstract: This paper concerns the original formulation of Hansen’s stagnation thesis and its chief influences. It begins by devoting attention to Hansen’s understanding of stagnation as a cyclical process; a marked contrast to the term’s current usage. As discussed, the stagnation thesis is an outgrowth of what will be called Hansen’s ‘weakened-cycle hypothesis’, which he put forth in the final pages of his 1927 monograph Business-Cycle Theory. The key ideas informing Hansen’s early view on weakening fluctuations were drawn from continental business-cycle theory, and most notably from the works of Arthur Spiethoff and Gustav Cassel.

Date: 2022
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DOI: 10.1080/09672567.2021.2019292

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