Early theories of business cycle and their role on the development of economics Cover Image

Ранни теории за бизнес-цикъла и ролята им за развитието на икономическата наука
Early theories of business cycle and their role on the development of economics

Author(s): Kaloyan Ganev
Subject(s): Economy
Published by: Институт за икономически изследвания при Българска академия на науките
Keywords: JEL: B1; E3; N1

Summary/Abstract: This is a brief review of one of the most important theories about the factors causing cyclic fluctuations in economy. Starting from the postulates the classical economic school and its inability to explain the existence of prolonged deviations from full employment, and economic crises in particular, conclusions on the role of the early theories for the development of economic knowledge are drawn. A major contribution thereto are the presented key issues driving the search for the truth in economics until the present day: whether the economic system is stable; whether equilibria corresponding to employment levels different from full employment exist; how to treat the exogenous influences and whether the cyclic fluctuations result from one factor only.

  • Issue Year: 2014
  • Issue No: 3
  • Page Range: 39-56
  • Page Count: 18
  • Language: Bulgarian
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