Clément Juglar (15 October 1819 – 28 February 1905) was a French medical doctor and statistician.
Juglar cycles
He was one of the first to develop an economic theory of
business cycle
Business cycles are intervals of general expansion followed by recession in economic performance. The changes in economic activity that characterize business cycles have important implications for the welfare of the general population, governmen ...
s.
[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."] He identified the
fixed investment cycle of six to ten years that is now associated with his name. Within the
Juglar cycle one can observe oscillations of investments into
fixed capital
In accounting, fixed capital is any kind of real, physical asset that is used repeatedly in the production of a product. In economics, fixed capital is a type of capital good that as a real, physical asset is used as a means of production which i ...
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
Joseph Alois Schumpeter (; February 8, 1883 – January 8, 1950) was an Austrian political economist. He served briefly as Finance Minister of Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard Unive ...
.
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.
See also
*
Juglar cycle
*
Fixed investment
*
Business cycle
Business cycles are intervals of general expansion followed by recession in economic performance. The changes in economic activity that characterize business cycles have important implications for the welfare of the general population, governmen ...
*
Fixed capital
In accounting, fixed capital is any kind of real, physical asset that is used repeatedly in the production of a product. In economics, fixed capital is a type of capital good that as a real, physical asset is used as a means of production which i ...
References
External links
Clement Juglar and the transition from crises theory to business cycle theories*
*
1819 births
1905 deaths
French statisticians
French economists
Business cycle
{{France-economist-stub