Business cycles in Juglar and Schumpeter

Muriel Dal-Pont Legrand () and Harald Hagemann
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Muriel Dal-Pont Legrand: GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique
Authors registered in the RePEc Author Service: Muriel DAL PONT LEGRAND

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Abstract: Clément Juglar was credited by Joseph Schumpeter as the founder of modern business-cycle theory. Schumpeter praised Juglar for identifying the cyclical character of economic fluctuations and for having been seminal in the combination of theoretical, statistical and historical analysis, and also named the classical business cycle after the French economist. Strikingly, the latter's pioneering work is hardly known today. The paper examines Juglar explanation of cyclical fluctuations and compares it with Schumpeter's one. One important difference is that for Schumpeter the classical business cycle is driven by technological innovations of medium size, whereas for Juglar the cause for an overheated boom is speculation fuelled by easy credit.

Keywords: Juglar; Business cycles theory; Schumpeter; Juglar. (search for similar items in EconPapers)
Date: 2007-01-01
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Citations: View citations in EconPapers (13)

Published in The History of Economi Thought, 2007, 49 (1), pp.1-18

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00454505

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