IN CONTEXT
The macroeconomy
Jean-Charles Sismondi (1773–1842)
1776 Adam Smith argues that natural market forces create an economic equilibrium.
1803 Jean-Baptiste Say claims that the market will balance supply and demand naturally.
1817 Welsh social reformer Robert Owen identifies overproduction and underconsumption as causes of economic downturns.
1820s French economist Charles Dunoyer identifies the cyclical nature of the economy.
1936 John Maynard Keynes urges governments to spend in order to avoid economic fluctuations.
Business cycles are the shift between strong economic growth, described as a boom or expansion period, ...
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