MACROECONOMIC THOUGHTS.PART 24

The Association For The Relief of Manufacturing Poor'was prepared in patnership with his comtemporary Jean Charles Leonard de Sismondi.They both identified underconsumption and overproduction as causes of business cycle and both causes too were linked to inequalities of wealth.They advocated government intervention and socialism,even before keynesian and Marxism popularised them.Though Sismondi's theory of periodic crisis fired the first salvo,still they couldnt peruse the basic rudiments of market socialism.It is becoming clearer that over the years of relentless academic evolution that without the advent of macroeconomic era or appropriate macroeconomic theory,successive scholarship and research interest wouldnt have been generated in its study among economists,ever since underconsumption theory was developed in 1930s as heterodox branch in economics and later systemised by keynes.Charles Dunoyer's theory of alternating cycles and latersimilar theories were inspired by Sismondi's th

eory of periodic crisis.fredereik Von Hayek,the author of Road To Serfdom.