Albert Aftalion facts for kids
Albert Abram Aftalion (born October 21, 1874, in Rusçuk, Ottoman Empire – died December 6, 1956, in Geneva, Switzerland) was a French economist. He was a very important thinker who studied how economies work.
He taught at the Paris University from 1925 to 1939. He also helped start an important academic magazine called Revue économique in 1950. He was even in charge of its main board.
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What Did Albert Aftalion Study?
Albert Aftalion is best known for his work on something called "economic cycles" or "business cycles." These are the ups and downs that an economy goes through. Imagine a roller coaster: sometimes it goes up (when the economy is doing well), and sometimes it goes down (when there are problems).
Understanding Economic Crises
Aftalion wrote a famous book in 1913 called Les crises périodiques de surproduction. This title means "The Periodic Crises of Overproduction." In this book, he talked about why these "downs" or crises happen.
Why Overproduction Happens
He believed that sometimes, businesses make too many goods. This is called "overproduction." When there's too much of something, people stop buying it. This can lead to factories slowing down or even closing. When factories close, people lose their jobs, and the economy gets into trouble.
The Role of Time Lags
Aftalion thought that these problems happen because of "time lags." This means there's a delay between when businesses decide to make something and when that product actually reaches the market. For example, if a company decides to build a new factory, it takes time to build it and start making products. By the time the factory is ready, the demand for those products might have changed. This delay can lead to making too much or too little.
His Influence on Economics
Aftalion's ideas helped other economists understand how economies can become unstable. His work was very important for studying how to keep an economy steady and avoid big ups and downs.
See also
In Spanish: Albert Aftalion para niños
