conom ie ▁politique ▁( 1 8 1 9 ), ▁he ▁ins isted ▁on ▁the ▁fact ▁that ▁economic ▁science ▁studied ▁the ▁means ▁of ▁increasing ▁wealth ▁too ▁much , ▁and ▁the ▁use ▁of ▁wealth ▁for ▁producing ▁happiness , ▁too ▁little . ▁For ▁the ▁science ▁of ▁econom ics , ▁his ▁most ▁important ▁contribution ▁was ▁probably ▁his ▁discovery ▁of ▁economic ▁cycles . ▁ ▁In ▁ref ut ation ▁of ▁other ▁think ers ▁at ▁the ▁time ▁( not ably ▁J . ▁B . ▁Say ▁and ▁David ▁Ric ardo ), ▁S ism ond i ▁challeng ed ▁the ▁idea ▁that ▁economic ▁equilibrium ▁leading ▁to ▁full ▁employ ment ▁would ▁be ▁immediately ▁and ▁sp ont ane ously ▁achieved . ▁ ▁He ▁wrote , ▁" Let ▁us ▁be ware ▁of ▁this ▁dangerous ▁theory ▁of ▁equilibrium ▁which ▁is ▁supposed ▁to ▁be ▁automatically ▁established . ▁A ▁certain ▁kind ▁of ▁equilibrium , ▁it ▁is ▁true , ▁is ▁re est ab lished ▁in ▁the ▁long ▁run , ▁but ▁it ▁is ▁after ▁a ▁fright ful ▁amount ▁of ▁suffering ." ▁While ▁he ▁was ▁not ▁a ▁social ist , ▁in ▁protest ing ▁against ▁la isse z ▁faire ▁and ▁inv oking ▁the ▁state ▁" to ▁reg ulate ▁the ▁progress ▁of ▁wealth " ▁he ▁was ▁an ▁interesting ▁prec ursor ▁of ▁the ▁German ▁Historical ▁school ▁of ▁econom ics . ▁ ▁F ocus es ▁of ▁his ▁work ▁are ▁central ▁to ▁the ▁idea ▁of ▁taking ▁particular ▁economic ▁situations ▁and ▁analyz ing ▁them ▁in ▁the ▁situ ational ▁setting ▁of ▁history ▁from ▁which ▁one ▁is ▁drawing ▁data ▁or ▁insight . ▁ ▁S ism ond i ▁is ▁known ▁for