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Autour de la Crise Américaine de 1907 ou Capitaux-réels et Capitaux-apparents.

Paris, Messageries de Journaux, 1908 Stock Code: 103580
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First separate edition, a decidedly rare offprint from the Revue de Paris (February 1908): Copac locates just one copy (LSE) in British and Irish institutional libraries, OCLC addes just 2 (Columbia, ZBW Deutsche Zentralbibliothek), KVK cites one copy (Bibliothèque de Genève). It was reprinted in 1948 along with Sir Denis Robertson's A Study of Industrial Fluctuation (1915) as part of the series Reprints of Scarce Works on Political Economy no. 8. "Marcel Labordère was a little known French economist who died, aged 77, in 1946. He was regarded as an eccentric, a self-educated economist, whose major contact with the economics profession seems to have been through J. M. Keynes and D. H. Robertson. In 1908 he put forward an over-investment theory of the trade cycle; in this the crisis results from a shortage of real saving. The amount of saving in the economy which is available for investment is determined by the accumulated stock of consumer goods. If production is to shift to capital goods, away from consumer goods, the economy must have a stock of consumer goods (real saving) to utilise whilst this shift in production is taking place. The crisis arises where the stock of consumer goods is insufficient to support the amount of investment undertaken in the boom; that is, it is caused by a disproportionate amount of capital goods being produced relative to consumer goods. Although worked out in isolation from A. Spiethoff's theory of crisis, it is somewhat similar to it, but it contrasts with the over-investment theories associated with M. Tugan-Baranowski and A. Aftalion. Labordère's work had a major influence upon D. H. Robertson in his writing of A Study of Industrial Fluctuation (1915), one of the foremost British contributions to trade cycle theory" (Kyklos: International Review for Social Sciences, volume 32, issue 4). Keynes and Labordère maintained a warm correspondence for three decades; there is a nice sketch of the Frenchman in David Felix's Keynes: A Critical Life (1999, p. 232): "Keynes loved to theorise after hours and he found a sympathetic pen pal in a French financial journalist. Marcel Labordère, fourteen years older, was an acutely thinking piece of human flotsam left behind by the shipwreck of the American stock market in the Panic of 1907. A prematurely aged bachelor, he supported himself exiguously, living on bread and water much of the time in a forty-franc-a-month furnished room, by literary-financial writing for the Revue de Paris, a general-interest publication that wanted culture along with a minimal expertise... Keynes wanted Labordère to contribute to his Economic Journal, but Labordère, who could write excellent English, demurred with fearful modesty".

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Octavo, pp. 31. Original green wrappers printed in dark green, stapled as issued.


Front cover sunned, a few light marginal pencillings, otherwise an excellent copy.


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