Abstract
The cyclical theory f time, which is better known under the name of the 'theory of eternal recurrence,' is usually associated with certain ancient thinkers--in particular, Pythagoreans and Stoics. The most famous among those who have tried to revive the theory in the modern era is unquestionably Friedrich Nietzsche. It is less well known that the theory was defended also by C.S. Peirce and, as late as 1927, by the French historian of science, Abel Rey. The contemporary discussion of the problem of the direction of time has a direct bearing on the problem of eternal recurrence. The primary purpose of this paper is to evaluate critically the theory itself and then to show how this critical analysis can be applied to Peirce's own version of this theory.