Prosperity and Depression: A Theoretical Analysis of Cyclical Movements, by Gottfried Von Haberler

Prosperity and Depression: A Theoretical Analysis of Cyclical Movements, by Gottfried Von Haberler

Prosperity and Depression: A Theoretical Analysis of Cyclical Movements, by Gottfried Von Haberler

Prosperity and Depression: A Theoretical Analysis of Cyclical Movements, by Gottfried Von Haberler

Excerpt

This book has its origin in a resolution adopted by the Assembly of the League of Nations in September 1930 by which it was decided that an attempt should be made to co-ordinate the analytical work then being done on the problem of the recurrence of periods of economic depression.

The literature concerning economic depressions and what is currently and somewhat loosely described as the trade cycle is abundant, and the publication of a further book on the theory of such cycles was not the primary object of the enquiry undertaken as a result of this resolution. This book is incidental to the first step in that enquiry.

It is apparent from the persistence with which depressions occur, from the gravity of their economic and social effects, and from the growing consciousness of that gravity, that--however abundant the literature on the subject, however elaborate and specious the theories--our knowledge of the causes of depressions has not yet reached a stage at which measures can be designed to avert them. This failure of society to control its own destinies may be due to one of three causes. It may be due to the fact that the causal relationship of events has not up to the present been ascertained; it may be due to the fact that, although the truth has been discovered and stated, it lies buried and obscured in a mass of false theory; finally, it may be due to the fact that, although the truth is known and recognised, depressions are as inevitable a phenomenon of our present economic structure as famines were of a more primitive economy which lacked means of transport and of storage.

The ultimate object of all enquiries into the occurrence of depressions must be to find ways and means to avert depressions or, if they are in fact inevitable, to render the structure of society . . .

Author Advanced search

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.