Pigou and modern business cycle theory

Article Abstract:

The theories of economist Pigou as expounded in his 1927 book 'Industrial Fluctuations' are very similar to modern business cycle concepts. Both approaches have emphasized the importance of competition and rationality. According to Pigou, business cycles are primarily caused by differences in profit expectations of entrepreneurs. These expectations are, in turn, caused by psychological and monetary factors. The other components of business cycles include non-perfect competition, labor market institutions and externalities.

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The costs of recession: a reply

Article Abstract:

Business cycle costs from an individual basis cannot be measured precisely. Among the issues to be considered are that costs are part of an individual's welfare and that his utility function and risks should also be considered. The recession cost measure as proposed by Clark, Leslie and Symons which are, in turn, based on the study by Robert Lucas, was justified as a standard textbook risk premium.

Consumption (Economics), Recessions

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Marshallian external economies

Article Abstract:

A study was conducted to evaluate the foundations of Marshallian external economies. The study focuses on the variables of increasing returns and competition in Mashallian economics and also considers an individual firm's life cycle and demand curve conditions. It is shown that an appreciation of Marshallian economics need a understanding of external economies for individual firms.

Neoclassical economics

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