This paper assesses Pigou's theories of industrial fluctuations and employment according to the orthodoxy prevailing in the 20's and 30's of the twentieth century. Firstly, we review the conceptions on the economic cycle prevailing during the inter-war years and their inner connections with the...

This paper assesses Pigou’s theories of industrial fluctuations and employment according to the canons of the economic orthodoxy prevailing in the 1920’s and 1930’s. Firstly, we review the conceptions about the commercial cycle advanced during the inter-war years and their inner...