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 cycle
Business cycles are intervals of Economic expansion, expansion followed by recession in economic activity. These changes have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are ...
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
Fixed investment in economics is the purchasing of newly produced fixed capital. It is measured as a flow variable – that is, as an amount per unit of time.
Thus, fixed investment is the accumulation of physical assets such as machinery, land ...
cycle of six to ten years that is now associated with his name. Within the
Juglar cycle
The Juglar cycle is a fixed investment cycle of 7 to 11 years identified in 1862 by Clément Juglar. 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 ...
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 ...
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 cycle
Kitchin cycle is a short business cycle of about 40 months discovered in the 1920s by Joseph Kitchin.
This cycle is believed to be accounted for by time lags in information movements affecting the decision making of commercial firms. Firms react ...
s.
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-born political economist. He served briefly as Finance Minister of German-Austria in 1919. In 1932, he emigrated to the United States to become a professor at Ha ...
.
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
The Juglar cycle is a fixed investment cycle of 7 to 11 years identified in 1862 by Clément Juglar. 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 ...
*
Fixed investment
Fixed investment in economics is the purchasing of newly produced fixed capital. It is measured as a flow variable – that is, as an amount per unit of time.
Thus, fixed investment is the accumulation of physical assets such as machinery, land ...
*
Business cycle
Business cycles are intervals of Economic expansion, expansion followed by recession in economic activity. These changes have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are ...
*
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 ...
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