YOZEF SCHUMPETER AND HIS STUDENTS ON BUSINESS CYCLE

 

YOZEF SCHUMPETER AND HIS STUDENTS ON BUSINESS CYCLE

Aleksandar Aleksandrov

Abstract

The article aims to present the Yosef Schumpeter and his students’ business cycle theory. Their theories are at the heart of the modern understanding of the phenomenon called business cycle. Schumpeter is one of the economists who set the beginning for the applicable business cycles theory. His students and followers continue to further develop his views and enrich the economic theory to this day, thus leaving their mark on the theory of the cyclicality of the economy. A good knowledge of Schumpeter’s and his students’ views can contribute to a better understanding of the business cycle phenomenon, its better management, and to improving the effectiveness of macroeconomic policies.

Keywords: business cycle; Joseph Schumpeter; James Tobin; Paul Samuelson; Janet Yellen; Lawrence Klein

JEL Codes: E32, B250, B310

YOZEF SCHUMPETER AND HIS STUDENTS ON BUSINESS CYCLE

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