The Orthodox Explanation of Fluctuations

Graeme Snooks

Chapter 13 in Longrun Dynamics, 2000, pp 169-185 from Palgrave Macmillan

Abstract: Abstract During the twentieth century, business cycles, or shortrun economic fluctuations, have attracted the attention of a large number of leading economists. A sample of these includes economists of the stature of J.S. Duesenberry, Irving Fisher, Milton Friedman, Gottfried Haberler, Alvin Hansen, Roy Harrod, R.G. Hawtrey, Friedrich Hayek, John Hicks, N. Kaldor, J.M. Keynes, Simon Kuznets, R.C.O. Matthews, Wesley Mitchell, Arthur Pigou, D.H. Robertson, Arthur Spiethoff, and Joseph Schumpeter. And since the 1970s there has been an upsurge of interest in short-term fluctuations by advocates of ‘real business cycle’ theory (Stadler 1994). With the exception of Schumpeter (and possibly Harrod), these economists were concerned with shortrun rather than longrun fluctuations, mainly because the identification and analysis of long waves requires more historical knowledge than most economists possess. Most scholars interested in longrun fluctuations, as we shall see in Chapter 14, tend to be unorthodox, mainly Marxist, in economic persuasion.

Keywords: Interest Rate; Money Supply; Real Interest Rate; Natural Rate; Great Depression (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1057/9780230599390_13

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