Business Cycles: The Problem and Its Setting

By Wesley C. Mitchell | Go to book overview

CHAPTER III. .1
THE CONTRIBUTION OF STATISTICS

I. The Current Distinction Between Theoretical and Statistical Work.

The review of current theories in Chapter I barely mentions the type of work upon business cycles which is most characteristic of the present and seems most promising for the future--analysis of statistical data. A few of the theorists--notably Henry L. Moore-- make skilled and elaborate use of quantitative methods, and almost all cite statistical evidence upon occasion. But most theories of business cycles are still built up by methods which would have seemed familiar to Sismondi and Ricardo.

On the other hand, there has recently appeared a group of business-cycle statisticians who as yet have sought, not to construct general theories, but to establish more precisely the facts concerning cyclical fluctuations in particular economic processes. By their detailed researches, the statistical workers are building up a literature more like the current literature of the natural sciences than like that of economic theory. It contains few treatises, but a multitude of technical papers; it is mathematical in form and empirical in spirit; it deals with restricted problems, lays stress upon measurements, and aspires to prediction.

Between these two groups of workers, the theorists and the statisticians, there has been less communion than their mutual interests require. Many of the statisticians pay little heed to current theories of business cycles, and many of the theorists make little use of statistical methods. A similar divergence of outlook, associated with a similar division of labor, seems not uncommon in modern science. Experimentalists and pure theorists often have difficulty in understanding each other; but in the long run each group provides grist for the other's mill, and scientific progress is a joint product of the

____________________
1
In writing this chapter, I have had generous help from the Staff of the National Bureau, particularly from Dr. Frederick C. Mills, and from the Directors, particularly from Professor Allyn A. Young.

-189-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Business Cycles: The Problem and Its Setting
Table of contents

Table of contents

  • Title Page vii
  • Preface ix
  • Contents xiii
  • List of Charts xviii
  • Chapter I - The Processes Involved in Business Cycles. 1
  • Chapter II - Economic Organization and Business Cycles. 61
  • Viii. Conclusion. 180
  • Chapter III - The Contribution of Statistics 189
  • Chapter IV - The Contribution of Business Annals. 361
  • Chapter V - Results and Plans. 451
  • Addenda 475
  • Index 481
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 494

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.