Population Cycles as a Cause of Business Cycles

Abstract

Effect of population developments not well understood, 649.— I. Population growth shows great waves, mainly caused by great wars, 650. — The German figures since the Napoleonic Wars, 651.— IL Co-variation with business cycles, 654.— III. Population growth requires new capital equipment, 657.— Such expansion involves less risk than that inspired by technical progress or by the opening of new markets, 658.— The theory explains well-known phenomena of the business cycle, 659.— Limitations of the theory: intentional simplification, 660; uncertainty as to other countries, 660; cycles differ widely in details, 661.