Wicksell's business cycle

IF 0.6 3区经济学 Q4 ECONOMICS

European Journal of the History of Economic Thought Pub Date : 1995-09-01 DOI:10.1080/09672569508538575

M. Boianovsky

引用次数: 48

Abstract

Abstract The article investigates Knut Wicksell's interpretation of aggregate economic fluctuations. It is shown that Wicksell described the business cycle as oscillations of an economy with increasing population and scarce natural resources around its steady growth path ('dynamic equilibrium'), provoked by sporadic technological progress. The ‘shocks’ bring about a wave‐like motion because of psychological and technical lags in the economic structure. Wicksell's suggestion that excess net savings in the depression take the form of stocks of commodities is compared to his contemporaries’ answers to the question ‘What happens to savings during the depression?’ The article also puts forward a relatively neglected connection between Malthus’ and Wicksell's notions of over‐production. Divergences between the natural and market rates of interest — essential to his better‐known ‘cumulative process’ ‐ are not a necessary part of Wicksell's business cycle, but they are important to explain why the upper turning‐p...

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威克塞尔的商业周期

摘要本文考察了克努特·维克塞尔对经济总量波动的解释。维克塞尔将商业周期描述为经济的振荡，随着人口的增加和自然资源的稀缺，经济围绕其稳定的增长路径(“动态平衡”)，由零星的技术进步引发。由于经济结构中的心理和技术滞后，“冲击”带来了波浪式的运动。威克塞尔认为，大萧条时期过剩的净储蓄以大宗商品库存的形式存在，这与他同时代人对“大萧条时期储蓄发生了什么变化”这个问题的回答进行了比较。这篇文章还提出了马尔萨斯和维克塞尔的生产过剩概念之间一个相对被忽视的联系。自然利率和市场利率之间的差异——对他更为人所知的“累积过程”至关重要——并不是威克塞尔商业周期的必要组成部分，但它们对于解释为什么上层转向……

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Journal of the History of Economic Thought Multiple-

CiteScore

1.50

自引率

28.60%

发文量

期刊介绍： The European Journal of the History of Economic Thought (EJHET), a peer-reviewed journal, has quickly established itself as a leading forum for lively discussion on a wide range of issues in the history of economic thought. With contributions from both established international scholars and younger academics, EJHET is entirely pluralist and non-partisan with regard to subjects and methodologies - it does not subscribe to any particular current of thought, nor relate to any one geographic zone. The Managing Editors and Editorial Board and Advisory Board members are drawn from throughout Europe and beyond, and are committed to encouraging scholars from around the world to contribute to international research and debate.