author
1819–1905
A French physician who became one of the earliest thinkers to study the rhythm of booms, crises, and recoveries. His work on recurring business cycles helped shape how economists later understood economic fluctuations.
Born in Paris in 1819, Clément Juglar trained as a physician before turning much of his attention to economics and public finance. He became known for studying commercial crises and for arguing that economic activity moved in recurring waves rather than in purely random shocks.
Juglar is especially remembered for identifying medium-length business cycles, often called Juglar cycles, linked to patterns of investment, credit, and downturns. His work helped lay foundations for later research on business cycles and made his name a lasting part of economic history.
He died in 1905. Even though his writing belongs to the nineteenth century, his effort to explain why prosperity gives way to crisis still feels surprisingly modern.