Juglar, Clément (1819–1905)
Like his rather more illustrious compatriot Francois Quesnay, Juglar is an example of a physician turned economist. The circular flow of economic life – which it is often said Quesnay saw in terms of an analogy to the circulatory system – in Juglar’s work seems have as its counterpart the view of the economic process as one of quasi- rhythmical variations between good and bad trade. This simple idea has been of profound importance in the study of alterations in the conditions of economic prosperity ever since. Both Wesley Clair Mitchell and Joseph Schumpeter in their classic studies of business cycles (in 1927 and 1939 respectively) credit Juglar’s contribution as having been seminal in the field. For Mitchell, it was Juglar’s recognition of the cyclical character of economic crises that established him as a pioneer (1927, p. 452); for Schumpeter it was Juglar’s perception of how theory, statistics and history ought to contribute to the study of industrial fluctuations (1939, pp. 162–3). There is something to each of these claims, but it should not be forgotten that other authors had also done much in both of these areas – one may mention Samuel Jones Loyd, John Wade and Amasa Walker. As theorists of industrial fluctuations, of course, Sismondi, Rodbertus and Marx would also need to be mentioned.