----------------- HES POSTING ----------------- I am not sure whether Mitchell coined the term, but he did use the term in earlier articles. The earliest I found was in: Wesley C. Mitchell, "The Decline in the Ratio of Banking Capital to Liabilities," _Quarterly Journal of Economics_, Vol. 23, No. 4. (Aug., 1909), pp. 697-713. He uses the term "business cycles" on page 711. He also uses the term in two other articles from 1911, as well as a 1913 article. Mat Forstater ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]