MARGINALIZED THEORIES OF BUSINESS CYCLE BASED ON STRATEGIC BEHAVIOR

The aim of this paper is to recall selected theories of business cycle, both old dated and new ones, which are marginalized by the mainstream economic theory although these theories carry often inspiring ideas to economists and politicians. The paper brings some new approaches to business cycle causes, especially marks strategic causes. These a subsequently divided in two categories - strategic institucional and strategic individual. Strategic cycles are caused by strategic behavior of different economic subjects while interacting. The cause of economic cycle is strategic behavior of institutions or strategic behavior of individuals. The paper treats in detail with the Goodwin's model based on the Marxists' theory of economic cycle, next, with the H. George's theory, with the Minsky's financial instability hypothesis and I. Fisher's debt deflation presented through the Keen's model. The common feature of the mentioned theories is strategic behavior of economic subjects which is the base of business cycle.