as the result of random shocks to the economy if the latter were modelled using a stable stochastic difference equation with certain technical properties. This opened up a new approach to business cycle theory by hypothesising that the interaction of chance events could generate periodicity when none existed initially. Mathematical statistics work Slutsky's later work was principally in probability theory and the theory of stochastic processes. He is generally credited for the result known as Slutsky's theorem. In 1928 he was an Invited Speaker of the ICM in Bologna. References Further reading External links New School Oscar Sheynin on Slutsky: p. 105 of Russian Papers on the History of Probability and Statistics 1880 births 1948 deaths People from Yaroslavl Oblast Statisticians from the Russian Empire Soviet mathematicians Russian economists Mathematical statisticians Russian statisticians