Abstract
The overall aim of this book is to examine the work of Sir Dennis Holme Robertson on the trade cycle. It must begin, however, in very much the same way that the study by Robertson began. The main influences upon his early work are to be found in the theories of the trade cycle which had been expounded before 1915. This chapter provides a classification of these theories, such that they can be later examined in relation to the Robertsonian theory of industrial fluctuation.
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Notes
T. S. Ashton, ‘Industrial Fluctuation’ — Review, Economica, Vol. 18, No. 71, (August 1951) pp. 298–302.
See A. Hansen, Business Cycles and National Income, (Norton 1951) pp. 211–217.
See especially C. Juglar, Des Crises Commerciales et de leur retour periodique en France, en Angleterre, et aux Etats-Uns, (Paris, 1859).
For this view see J. Schumpeter, History of Economic Analysis, (London: Allen & Unwin, 1954) p. 1124.
W. Phillips, Manual of Political Economy, 1828.
J. Wade, History and Political Philosophy of the Middle and Working Classes, (Edinburgh Chambers, 1833). Schumpeter regards this as a fairly comprehensive theory of the commercial cycle (op cit., p. 743n).
Lord Overstone, then Samuel Jones Loyd, Reflections Suggested by a Perusal of Mr. J. Horsley Palmer’s Pamphlet on the Causes and Consequences of Pressure on the Money Market, (London, 1837).
A. Spiethoff, Krisen, Handwörterbuch der Staatswissenschaften, (Lieferung 1923, 29 and 1930) (Bog 1–10 des VI Bandes).
See T. Tooke, A History of Prices and of the State of Circulation from 1792 to 1856, published in six volumes from 1838 to 1857.
W. Mitchell, Business Cycles, (New York: Franklin, 1927) p. 3.
N. D. Kondratieff, ‘Die Langen Wellen der Konjuctur’, Archiv für Sozialwissenschaft und Sozial politik, (December 1926) (see also abridged translation, Review of Economics and Statistics, November 1935).
The Long Cycle was also recognised by J. A. Schumpeter, Business Cycle, (McGraw-Hill, 1939) and by W. Mitchell, op cit., 1927, amongst others.
M. Friedman, ‘The Counter Revolution in Monetary Theory’, Wincott Foundation Lecture, (Institute of Economic Affairs, 1970) p. 10.
See J. B. Say, Traite d’economie politique, (Paris, 1803).
W. Persons, ‘Theories of Business Fluctuations’, QJE, Vol. 41, (November 1926) pp. 94–128.
G. Cassel, Theory of Social Economy, Rev. Ed. (Harcourt, Brace & Co., 1932).
J. R. Hicks, A Contribution to the Theory of the Trade Cycle, (Oxford: Clarendon Press, 1950).
For example the ‘propagation’ and ‘impulse’ cycles recognised by R. Frisch, in Economic Essays in Honour of G. Cassel, (Allen & Unwin, 1933).
M. Tugan-Baranowski, Les Crises Industrielles en Angleterre, (Paris, 1913).
F. A. von Hayek, Prices and Production, (London: Routledge & Son, 1931) and Monetary Theory and the Trade Cycle, (London: Cape, 1933).
K. Marx, Das Capital, (C. Kerr & Co., 1907, originally published in 1867).
W. T. Foster and W. Catchings, Money, (Boston, 1923).
DHR, ‘The Monetary Doctrines of Messrs. Foster and Catchings’, QJE, (May 1929) pp. 413–499.
W. Mitchell, Business Cycles, (New York: Burt Franklin, 1913) and
J. Lescure, Des Crises générales et periodiques de surproduction, (Librairie du Recueil Siney, 1907).
M. Tugan-Baranowski, op. cit., and A. Aftalion, Les Crises Periodiques de Surproduction, (Paris: M. Rivière et Cie, 1913). Both were reviewed by DHR (EJ, March 1914, pp. 81–89).
G. H. Hull, Industrial Depressions, (New York, 1911).
R. G. Hawtrey, Good and Bad Trade, (London: Constable & Co., 1913). Reviewed by DHR in the Cambridge Review, November 27th, 1913.
M. Labordère, ‘Autour de la crise américaine de 1907’ Revue de Paris, (1st, Feb 1908).
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© 1978 John R. Presley
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Presley, J.R. (1978). Background to A Study of Industrial Fluctuation in 1915. In: Robertsonian Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-03239-6_2
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