MACROECONOMIC THOUGHTS.PART 25

From the theory of Johann karl Rodbertus,another Sismondi's protege,karl Marx was influenced to theorise communist revolution,given the incorrigibility of the growing severity of business cycle,bound to crash,he noted revolution would be the correcting point.Only passing references were made in Marx main book Das Kapital(1867) compared to his post humous books such as the theories of surplus value.In 1800,French Economist Clement Juglar first identified economic cycle 7-11 years and from this theory another chapter in history was developed where Joseph Schumper a Havard economist first identified fourstages in Juglar's model.They include expansion,crisis,recovery and recession and in a close examination of this model,Schumpeterassociates recovery with growth in productivy,aggregate demand and prices.Then he proposed like his colleagues use of business cycle typology after their discoverers.They include kitchin cycle,3 to 5yrs;Juglar cycle,7 to 11yrs;kuznet cycle, 15 to 25 yrs and kondrantiev cycle45-6o years

JOHN MAYNARD KEYNES