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Current business cycle theory is an application of the general equilibriumtheory. This paper presents the business cycle model without using generalequilibrium framework. We treat agents risk assessments as their coordinates xon economic space and establish distribution of all economic agents by theirrisk coordinates. We suggest aggregation of agents and their variables byscales large to compare with risk scales of single agents and small to comparewith economic domain on economic space. Such model is alike to transition fromkinetic description of multi-particle system to hydrodynamic approximation.Aggregates of agents extensive variables with risk coordinate x determine macrovariables as functions of x alike to hydrodynamic variables. Economic andfinancial transactions between agents define evolution of their variables.Aggregation of transactions between agents with risk coordinates x and ydetermine macro transactions as functions of x and y and define evolution ofmacro variables at points x and y. We describe evolution and interactionsbetween macro transactions by hydrodynamic-like system of economic equations.We show that business cycles are described as consequence of the system ofeconomic equations on macro transactions. As example we describe Credittransactions CL(tax,y) that provide Loans from Creditors at point x toBorrowers at point y and Loan-Repayment transactions LR(t,x,y) that describerepayments from Borrowers at point y to Creditors at point x. We usehydrodynamic-like economic equations and derive from them the system ofordinary differential equations that describe business cycle fluctuations ofmacro Credits C(t) and macro Loan-Repayments LR(t) of the entire economics. Thenature of business cycle fluctuations is explained as oscillations of "meanrisk" of economic variables on bounded economic domain of economic space.

Econophysics Beyond General Equilibrium: the Business Cycle Model