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Malcolm Rutherford's query on the first use of the expression  
"Business Cycle", as opposed to "Trade Cycle" raises another  
interesting question: what are the different implications of these  
notions (and of "industrial fluctuations", used by Robertson and  
Pigou)? Malcolm gives the answer for Mitchell's case; but how far  
were other writers consciously choosing between one term and the  
other?   
 
I have the impression that usage depends (in part, at least) on the  
continent: while in the US the expression "Business Cycle" seems  
to be used more frequently than "Trade Cycle", the opposite seems  
to be the case in Britain. But perhaps I am wrong in this  
generalization, or perhaps this reflects the relatively large number  
of institutional economists in the US: could anyone throw some  
light on this?   
 
As to Malcolm's question: perhaps the answer can be found in the  
largest edition of the Oxford English Dictionary, which reports the  
ethymology and the first usage of terms. Unfortunately I do not  
have it at hand, and cannot check myself.   
 
Another question: why "Business Cycle" and "Trade Cycle" in  
capital letters? This was often used in the 1930s, while it is rare in  
post-war writings.   
 
Daniele Besomi 
 
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