Pigou on Expectations and the Cycle
3. asymmetrical errors due to 'psychological causes' could be a separate source of fluctuations and, what is mQre, could be set up in response to the monetary factors in 2. In order to establish these points it will be necessary to quote from Pigou's more substantial works on macro-economics; Industrial Fluctuations (IF), The Theory of Unemployment (TU) and Employrn_nt and Equilibrium (EE). His treatment of expectations was by no means incidental for,