In our discussion about Keynes and textbooks, Steve Kates pointed out
that "before Keynes," economists dealt with at least some of the
macroeconomic issues under the general category of "business cycles."
After Keynesian economics, economists began to write about business
cycles again. An early discussion of some of this literature and the
theory is contained in Lucas, Robert E. (1977) "Understanding Business
Cycles." In K. Brunner and A. Meltzer (eds.). Stabilization of the
Domestic and International Economy. Amsterdam: North Holland.
I was wondering what the difference is, if any, between the
before-Keynes and after-Keynes approach to business cycles.
In the same vein, do any of the textbooks deal effectively with business
cycles?
Pat Gunning