Louis-Amable Petit and the 19th Century Literature on Crises and Cycles

This paper discusses the theory of crises propounded by Louis-Amable Petit (1868) in the context of the state of similar theories in the second half of the 19th century. An adversary of Say’s law, Petit offered an endogenous explanation of crises based on the fluctuations of the part of income consu...

Full description

Bibliographic Details
Main Author:	Daniele Besomi
Format:	Article
Language:	English
Published:	Association Œconomia 2012-06-01
Series:	Œconomia
Subjects:	Say’s law propensity to consume crises business cycles overproduction
Online Access:	http://journals.openedition.org/oeconomia/1583

id	doaj-f7a23114b9654592a727147d28fccf12
record_format	Article
spelling	doaj-f7a23114b9654592a727147d28fccf122020-11-24T23:59:01ZengAssociation ŒconomiaŒconomia2113-52072269-84502012-06-012220823710.4000/oeconomia.1583Louis-Amable Petit and the 19th Century Literature on Crises and CyclesDaniele BesomiThis paper discusses the theory of crises propounded by Louis-Amable Petit (1868) in the context of the state of similar theories in the second half of the 19th century. An adversary of Say’s law, Petit offered an endogenous explanation of crises based on the fluctuations of the part of income consumed, as opposed to a persistent incentive to expand production. While the almost universal approach to the problem at the time interpreted crises as a liquidation of the excesses of speculative prosperity, but failed to identify a mechanism for recovery, considered a simple matter of course, Petit closed the causal circle and described the lower turning point as a consequence of the crisis and the ensuing income fall. He is therefore one of the first writers (not only in France) to have advanced a full theory of business cycles.http://journals.openedition.org/oeconomia/1583Say’s lawpropensity to consumecrisesbusiness cyclesoverproduction
collection	DOAJ
language	English
format	Article
sources	DOAJ
author	Daniele Besomi
spellingShingle	Daniele Besomi Louis-Amable Petit and the 19th Century Literature on Crises and Cycles Œconomia Say’s law propensity to consume crises business cycles overproduction
author_facet	Daniele Besomi
author_sort	Daniele Besomi
title	Louis-Amable Petit and the 19th Century Literature on Crises and Cycles
title_short	Louis-Amable Petit and the 19th Century Literature on Crises and Cycles
title_full	Louis-Amable Petit and the 19th Century Literature on Crises and Cycles
title_fullStr	Louis-Amable Petit and the 19th Century Literature on Crises and Cycles
title_full_unstemmed	Louis-Amable Petit and the 19th Century Literature on Crises and Cycles
title_sort	louis-amable petit and the 19th century literature on crises and cycles
publisher	Association Œconomia
series	Œconomia
issn	2113-5207 2269-8450
publishDate	2012-06-01
description	This paper discusses the theory of crises propounded by Louis-Amable Petit (1868) in the context of the state of similar theories in the second half of the 19th century. An adversary of Say’s law, Petit offered an endogenous explanation of crises based on the fluctuations of the part of income consumed, as opposed to a persistent incentive to expand production. While the almost universal approach to the problem at the time interpreted crises as a liquidation of the excesses of speculative prosperity, but failed to identify a mechanism for recovery, considered a simple matter of course, Petit closed the causal circle and described the lower turning point as a consequence of the crisis and the ensuing income fall. He is therefore one of the first writers (not only in France) to have advanced a full theory of business cycles.
topic	Say’s law propensity to consume crises business cycles overproduction
url	http://journals.openedition.org/oeconomia/1583
work_keys_str_mv	AT danielebesomi louisamablepetitandthe19thcenturyliteratureoncrisesandcycles
_version_	1725448542320852992

Louis-Amable Petit and the 19th Century Literature on Crises and Cycles

Similar Items