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AFTALION, ALbert.

Les Crises périodiques de surproduction.

Tome premier. Les variations périodiques des prix et des revenus. Les théories dominantes [– Tome II. Les mouvements périodiques de la production. Essai d'une théorie].

Paris, Marcel Rivière, 1913 Stock Code: 135866
£5,750.00
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Notes

First edition, very scarce: one of the earliest statements of the acceleration principle "an important concept which has been used successfully in explaining investment behaviour as well as cyclical behaviour in a capitalist economy. It will continue to play an important role in macroeconomic models as well as in models of business cycles." (The New Palgrave).
This is Aftalion's (18741956) best known work. "After an early work on the economic ideas of Sismondi, he published some articles on 'general over-production' in 1908, followed by a massive work in two volumes on Les crises périodiques de surproduction (1913). The leitmotif of this book was the acceleration principle of derived demand based on Böhm-Bawerk's theory of roundabout, capitalistic production, according to which changes in the demand for consumer goods bring about accelerated changes in the demand for investment goods. (The 'acceleration principle' was independently rediscovered and so named by J.M. Clark in 1917.)" (Blaug, Great Economists before Keynes, p. 1).

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Description

2 volumes, octavo (218 x 136 mm). Modern blue cloth, red leather labels, the original paper wrappers and spines preserved.

Condition

Clean tear to one leaf professionally repaired; a very good copy.

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