The Business Cycle Theory of Wesley Mitchell

摘要: Most neoclassical economists believe that Wesley Clair Mitchell had no theory of the business cycle; according to Milton Friedman, "Mitchell is generally considered primarily an empirical scientist rather than a theorist" (Burns 1952, 237). The reason Mitchell's was not theory, so in their view, it theory. Whereas all stated terms eternally true laws, evolutionary cycle theories are exogenous, relying on external shocks economy, endogenous based internal dynamics capitalism. deduced from unproven psychological axioms, builds his inductive generalities gained research. Before examining these points detail, worth noting importance institutionalist movement at time 1920s and 1930s when appeared institutionalism might become dominant paradigm US economics. leading figure large number faculty students Columbia period. He leader National Bureau Economic Research, which seen as main home scientific research economics clearly institutionalist. His books were among major examples paradigm. (All documented