Who first formulated the Political Business Cycle Theory?
Quick Wikipedia found :

https://en.wikipedia.org/wiki/Business_cycle


Look at the section of Politically based business cycle



  The political business cycle theory is strongly linked to the name of
  Michał Kalecki who discussed "the reluctance of the 'captains of
  industry' to accept government intervention in the matter of
  employment."


https://en.wikipedia.org/wiki/Micha%C5%82_Kalecki