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Business Cycles Vol. I - A Theoretical, Historical, and Statistical Analysis of the Capitalist Process

1923

by Schumpeter

Business CyclesJoseph SchumpeterFederal ReserveGottfried HaberlerJohn Maynard KeynesCredit ExpansionEconomic HistoryEntrepreneurshipInnovationInterest RatesPrice LevelStock ExchangeBoom and BustEquilibriumProfit and LossCentral BankingProtectionismTaxationExpectationsInflationMethodologyExchange RatesPurchasing PowerOverproductionVelocity of CirculationBusiness Cycle TheoryEpistemologyElasticity of DemandProductivityThorstein VeblenArthur SpiethoffIrving FisherAlfred MarshallGustav CasselInternational TradeLeon WalrasPhysiocracyInterest TheoryStationary EconomyRagnar FrischJoan RobinsonQuantity Theory of MoneyUnemploymentOskar LangeFrank KnightMonopolistic CompetitionMonopolyPerfect CompetitionPrice TheoryTrade UnionsAntoine Augustin CournotCartelsFrancis Ysidro EdgeworthOligopolyArthur Cecil PigouConsumer SovereigntyJohn HicksCapital AccumulationFriedrich A. HayekInvestmentSavingMarginal CostExternalitiesCreative DestructionDepreciationMarket StructureEconomic DevelopmentUncertaintyCompetitionKarl MarxProletariatForced SavingPlanned EconomyBankingBanknotesFriedrich ListJohn LawAustrian SchoolKnut WicksellMoney MarketNatural Rate of InterestTime PreferenceDeflationMalinvestmentInstitutionalismSocialismOpen Market OperationsSpeculationEconomic RecoveryInterventionismUnderconsumptionMathematical EconomicsIndustrial RevolutionPublic FinanceAcceleration PrincipleJan TinbergenDemographyFixed CapitalWerner SombartGustav SchmollerMax WeberEconomic PolicyMercantilismProperty RightsAdam SmithBank of EnglandDeficit SpendingMonetary PolicyDavid RicardoJacob VinerInfrastructureCustoms UnionFiat MoneyThomas TookeOtto von BismarckSozialpolitikFree TradeBimetallismGold StandardReichsbankTrade PolicyJohn Stuart MillSubsidiesFritz MachlupCapital MovementsEconomies of ScaleSocial DemocracyImperialismCapital Theory

Table of Contents · 126 segments

1
Title Page and Publication Informationessay
2
Prefaceessay
3
Contents of Volumes I and IIessay
4
Chapter I, Section A: Business Situations and the Businessman's Normalchapter
5
Chapter I, Section B: External Factorschapter
6
Chapter I, Section C: The Importance of External Factorschapter
7
Chapter I, Section D: Common-sense Semeiologychapter
8
Continuation of Business-Cycle Symptoms Listtheoretical
9
Elementary Critique and Treatment of Series Representing Business-Cycle Symptomstheoretical
10
Empirical Linking of Factors or Symptomstheoretical
11
Chapter II: Equilibrium and the Theoretical Norm of Economic Quantities — The Meaning of a Modelchapter
12
Analytic Tools, Theory, and False Verificationtheoretical
13
The Fundamental Question of Business-Cycle Causationtheoretical
14
The Stationary Flow as Baseline Modeltheoretical
15
Equilibrium and the Theoretical Norm: Stationary Economy and Production Functiontheoretical
16
Complications and Clarifications: Dynamic Relations and Technological Lagstheoretical
17
Equilibrium and the Theoretical Norm: General, Partial, and Aggregative Equilibriumtheoretical
18
Lag Effects, Cobweb Dynamics, Provisional Equilibria, and Frictiontheoretical
19
Price Rigidity, Expectations, and Imperfect Competition through Bilateral Monopolytheoretical
20
Oligopoly, Agreement, and Product Differentiationtheoretical
21
Monopolistic Competition, Product Differentiation, and Excess Capacitytheoretical
22
Equilibrium Economics and the Study of Business Fluctuationstheoretical
23
Chapter III: Internal Factors of Economic Evolution and Changes in Tastechapter
24
Growth, Saving, Investment, and the Limits of Oversaving Explanationstheoretical
25
Innovation Distinguished from Invention and Defined as Economic Evolutiontheoretical
26
Innovation as a New Production Function and Cost-Curve Replacementtheoretical
27
Increasing Costs, Lumpy Factors, and Internal and External Economiestheoretical
28
Innovation Through New Plant, New Firms, New Men, and Trustified Capitalismtheoretical
29
Business Horizons, Innovation Clusters, and Disharmonious Economic Evolutiontheoretical
30
The Entrepreneur and His Profittheoretical
31
The Role of Money and Banking in the Process of Evolutiontheoretical
32
Credit Creation by Banks: Fiat, Banking Theories, Independence, and Monetary Limitstheoretical
33
Interest, Money Market, and Capital as Monetary Phenomenatheoretical
34
Chapter IV: The Contours of Economic Evolution—First Approximationchapter
35
Looking at the Skeleton: Innovation, Prosperity, Recession, and Rival Cycle Explanationstheoretical
36
Looking at the Skeleton: Welfare, Periodicity, Aggregates, and Institutional Assumptionstheoretical
37
The Secondary Wave: Speculation, Credit Expansion, and Debt-Deflationtheoretical
38
The Secondary Wave: Crisis, Abnormal Liquidation, Depression, and Recoverytheoretical
39
The Recovery Point and Depressive Spiralstheoretical
40
Four-Phase Cycle Structure and the Opening of the Second Approximationtheoretical
41
Second Approximation: Cyclical Industries, Saving, Credit, and Unemploymenttheoretical
42
Many Simultaneous Cycles and the Historical Shift from Crises to Wavestheoretical
43
Long Waves, Kitchin Cycles, and Periodogram Evidencetheoretical
44
Theoretical Grounds for Multiple Cycles and the Kondratieff-Juglar-Kitchin Schemetheoretical
45
Three-cycle schema: status, historical meaning, and nested interferencetheoretical
46
Other fluctuations: introductory distinction from innovation cyclestheoretical
47
External and special cycles: war finance, gold production, and harveststheoretical
48
Waves of adaptation and oscillations: random shocks, cumulation, and wave equationstheoretical
49
Waves of Adaptation: Hesitations and Vibrationstheoretical
50
Lagged Adaptation and the Limits of Pure Oscillation Theorytheoretical
51
Macrodynamic Lag Models: Amoroso, Vinci, Kalecki, and Frischtheoretical
52
Replacement of Industrial Equipment and Endogenous Replacement Wavestheoretical
53
The Hobby-Horse Bulge Argument and Its Critiquetheoretical
54
Chapter V Introduction: Time Series, Normals, and Historical Variableschapter
55
Limits of Formal Time-Series Analysis and the Principle of Economic Meaningtheoretical
56
Meanings of Trend: Initial Definitions and Excluded Usestheoretical
57
Descriptive Trends: Smoothing, Curve Fitting, and Limits of Detrendingtheoretical
58
Secular, Real, Reference, and Special Trendstheoretical
59
A Single Cyclical Movement: Statistical Normal, Result Trend, and Frisch’s Methodtheoretical
60
Many Simultaneous Waves: Kondratieff, Juglar, Kitchin, and Normal Pointstheoretical
61
Chapter VI: Historical Outlineschapter
62
I.A. Historical Approach to Cyclical Economic Evolutionchapter
63
I.B.1 Definition of Capitalism by Credit Creationchapter
64
I.B.2 Dating Business Cycles before the Eighteenth Centurychapter
65
I.B.3 Historic Continuity, Innovation, and Original Accumulationchapter
66
I.C. Precious Metals, American Silver, and Sixteenth-Century Inflationchapter
67
Mercantilism, Statecraft, and State Entrepreneurshipchapter
68
Princely Expenditure and the English Economic Backgroundchapter
69
Agricultural Innovation, Enclosures, and Entrepreneurial Activity in Englandchapter
70
Woolen Textiles and Entrepreneurial Organization beyond Agriculturechapter
71
Early English Industrialization, Technology Transfer, and Production Functionschapter
72
Resistance, Monopoly, and Corporate Commercial Enterprise in Early Modern Englandchapter
73
Government Finance, Joint Stock Capitalism, and the South Sea Bubblechapter
74
John Law as Entrepreneur-Banker and the Mississippi Systemchapter
75
The Long Wave of 1787–1842 and the Meaning of the Industrial Revolutionchapter
76
External Disturbances, the Napoleonic Wars, and the Persistence of Cyclical Evolutionchapter
77
Protection, American Tariffs, and Cyclical Developmentchapter
78
Inflation, Deflation, and Monetary Policy in the First Kondratieffchapter
79
Agriculture in England, Germany, and the United States during the Kondratieffchapter
80
English Industrial Enterprise, Cotton Textiles, Innovation, Railways, and Joint Stock Promotionchapter
81
Germany: Kondratieff Prosperity, State Enterprise, and Mining-Led Industrializationchapter
82
United States: Growth, Industrial Innovation, Canals, Railroads, and the First Kondratieffchapter
83
Credit Creation, Banking, and Innovation Finance in Germany, England, and the United Stateschapter
84
Locating English Juglars in the First Kondratieffchapter
85
Crises of 1825–1826 and 1836–1839chapter
86
American and German Juglars in the First Kondratieffchapter
87
Opening of Chapter VII: The Second Long Wave and Railroadizationchapter
88
The Second Kondratieff as the Bourgeois Erachapter
89
English Free Trade, Banking, and Company Lawchapter
90
German Integration, Banking, Currency, and Joint-Stock Reformchapter
91
United States Tariffs, Banking Reform, and Bourgeois Fiscal Policychapter
92
External Political Disturbances, Wars, and the Franco-Prussian Indemnitychapter
93
The American Civil War, Greenbacks, and Postwar Cyclical Adjustmentchapter
94
Silver Politics, Treasury Sterilization, and the Road to the Gold Standardchapter
95
American Agriculture, Cheap Bread, Machinery, Railroads, and Falling Priceschapter
96
English and German Agricultural Depression under Foreign Competitionchapter
97
Railroadization as the Backbone of the Bourgeois Kondratieffchapter
98
Railroad Financing, Land Grants, Credit Creation, and the Illinois Central Casechapter
99
Diagnosis of the Crisis of 1857 and the Civil War Preludechapter
100
Post-Civil War Railroad Boom and the Crisis of 1873chapter
101
Recovery, Long Depression, and the Final Railroad Juglarschapter
102
Railroad Development in England during the Bourgeois Kondratieffchapter
103
German Railroads, Promotion Banks, and State Railway Policychapter
104
German Manufacturing, Heavy Industry, Chemicals, Electricity, and the Long Depressionchapter
105
England: Foreign Trade, Capital Export, and Shipping in the Bourgeois Kondratieffchapter
106
England: Coal, Iron, Steel, Machinery, and Standardizationchapter
107
England: Textile Industries, Wool, Cotton, and Competitive Adaptationchapter
108
England: Juglar Cycle Chronology from 1852 to 1897chapter
109
United States: Railroads, Shipping, Coal, Petroleum, and Gaschapter
110
United States: Iron, Steel, Machinery, Agriculture, Sewing Machines, and Shoeschapter
111
United States: Textiles, Chemicals, Sugar, Tobacco, Glass, Cement, Paper, and Rubberchapter
112
United States: Electrical Industry, Telephones, Electric Power, Street Railways, and General Electricchapter
113
United States: Calendar of Juglar Phases, 1843–1897chapter
114
Third Kondratieff Opening: Electricity and Neomercantilist Social Changechapter
115
Neomercantilism, Armaments, Gold Frictions, and Prewar Political Economychapter
116
Agricultural Developments in the Third Kondratieffchapter
117
Railroad Completion, Consolidation, Trustified Capitalism, and Finance-Capital Debatechapter
118
Union Pacific, Holding Companies, Speculation, and the 1907 Crisischapter
119
Industrial Mergers, Entrepreneurial Profit, and the United States Steel Corporationchapter
120
Electric Power as the Backbone of the Third Kondratieffchapter
121
Steam Engineering and the Rise of the Automobile Industrychapter
122
Rubber, Petroleum, Glass, Cement, and Textiles in the Third Kondratieffchapter
123
Steel, Copper, and Aluminum in the Third Kondratieffchapter
124
Cyclical Dating of 1898–1914 and the 1907 Irregularitytheoretical
125
Financial Causes of 1907 and the Use-Abuse Distinctiontheoretical
126
England and Germany in the Kondratieff Upswing, 1897–1914chapter