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Transcript of Clement Juglar
-summarized his ideas on cycles
-in this work, he examined economic crises in France, England, and the US from a monetary perspective
-identified some cyclical economic trends that helped him develop business cycle theory
-explained that periods of inflation and expansion are concluded when the government contracts money supply Background -French physician turned statistician
-followed in his father's footsteps to attend medical school
-known for the discovery of the heart and lung equilibrium
Juglar Cycle - medium economic cycle, between 7 and 11 years in duration
-accounts for trends in investment and unemployment
-formulated business cycle theory from research of crises Phases of Cycles 1) Prosperity
-people become overly optimistic
-excesses in the stock/credit market as well as in production markets-the idea of credit isn’t inherently bad, but overspeculation is
-comes from inherent desire of man to "accumulate"
-the root of crisis is excess
“excesses of speculation and inconsiderate expansions of industry and trade”
3) Liquidation Juglar's Influence - his work was challenged 100 years of economic beliefs
-Schumpeter brought great attention to Juglar's works
“Then came the great impulse due to the genius of Clement Juglar. He, first, by showing that crises are only elements of a much wider and deeper cyclical movement, unearthed the real problem; he, second, succeeded in describing empirically this cyclical movement; and, third, he contributed substantially towards its explanation."
1819-1905 Clement Juglar - considered Juglar one of the greatest economists of all time Sources
Juglar, Clément. Des Crises Commercials Et De Leur Retour Periodique En France. No. 302. Ayer Publishing, 1969.
Groenewegen, Peter. "Joseph Clement Juglar (1819–1905): From physician to analyst of business cycles." Physicians and political economy: Six studies of the work of doctor-economists. London: Routledge (2001).
Besomi, Daniele. "Clément Juglar and the transition from crises theory to business cycle theories." a Conference on the Occasion of the Centenary of the Death of Clement Juglar. Paris. Vol. 2. 2005.