 John Wade's early endogenous dynamic model: 'commercial cycle' and theories of crisesThe European Journal of the History of Economic Thought, 2008, vol. 15, issue 4, 611-639 Abstract: John Wade formulated, in 1826 and 1833, two models of cyclical fluctuations most likely to be the first in the literature. They are fully endogenous, based on a cobweb-like mechanism affecting not agricultural production, as was customary at the time, but manufacture. Wade's earlier model relies on a threshold of price change before the reaction of demand and supply halts and reverses the movement, while the second is gradual and based on a delay in the producers' reaction. Wade was also among the first to claim that crises return with a certain regularity and to estimate their period. This paper examines and compares Wade's contributions to early business cycle theory, places them in context, and surveys the scanty references to this pioneering work in the literature. Keywords: Business cycle; commercial crises; instability; dynamic model; cobweb theorem (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:eujhet:v:15:y:2008:i:4:p:611-639 Ordering information: This journal article can be ordered from DOI: 10.1080/09672560802480971 Access Statistics for this article The European Journal of the History of Economic Thought is currently edited by José Luís Cardoso More articles in The European Journal of the History of Economic Thought from Taylor & Francis Journals |
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