The Business Cycle Theory of Wesley Mitchell.

Journal of Economic Issues | March 1, 2001| | Copyright

Most neoclassical economists believe that Wesley Clair Mitchell had no theory of the business cycle; according to Milton Friedman, "Mitchell is generally considered primarily an empirical scientist rather than a theorist" (Burns 1952, 237). The reason is that Mitchell's theory was not a neoclassical theory, so in their view, it was not a theory. Whereas all neoclassical theory is stated in terms of eternally true laws, Mitchell stated an evolutionary theory. Whereas all neoclassical business cycle theories are exogenous, relying on external shocks to the economy, Mitchell ...

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