Edited by Robert W. Dimand and Harald Hagemann
Chapter 46: Trade cycle
This chapter discusses Keynes’s view on cycles and crisis, beginning from his early takes on the subject in 1910–11. Keynes’s emphasis was on the role of expectations and formation of beliefs, which drive the sudden turn of affairs that characterize the violent outbreak of crises. Characteristically non-mechanistic, this view stands out from the theories of business cycles that dominated the inter-war years to stress instead the function of the human factor in periodically destabilizing the economic system and preventing it from self-adjusting.
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