Clément Juglar

Clément Juglar (15 October 1819 – 28 February 1905) was a French doctor and statistician.

Juglar cycles

He was one of the first to develop an economic theory of business cycles.[1][2] He identified the fixed investment cycle of seven to eleven years that is now associated with his name. Within the Juglar cycle one can observe oscillations of investments into fixed capital and not just changes in the level of employment of the fixed capital (and respective changes in inventories), as is observed with respect to Kitchin cycles.

Juglar’s impact

Juglar’s publications led to other business cycle theories by later economists such as Joseph Schumpeter.

Publications of Clément Juglar

  • “Des crises commerciales”, 1856, in Annuaire de l’economie politique.
  • Des Crises commerciales et leur retour periodique en France, en Angleterre, et aux Etats-Unis. Paris: Guillaumin, 1862.
  • Du Change et de la liberte d’émission, 1868.
  • Les Banques de depôt, d’escompte et d’émission, 1884.

References

  1. ^Des Crises commerciales et leur retour periodique en France, en Angleterre, et aux Etats-Unis. Paris: Guillaumin, 1862.
  2. ^The New Encyclopædia Britannica: Macropaedia 1998 “The first authority to explore economic cycles as periodically recurring phenomena was probably a French physician, Clément Juglar, in 1860.”

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