Cause and Control of the Business Cycle

Cause and Control of the Business Cycle

Cause and Control of the Business Cycle

Cause and Control of the Business Cycle

Excerpt

The first edition of this book was published in 1932, and many changes have been made in the money-credit system of the United States since that year. Furthermore, business-cycle theory has been improved in recent decades, especially by such noteworthy contributions to the subject as Dr. Haberler Prosperity and Depression, Dr. Marget A Theory of Prices, and the publications of the National Bureau of Economic Research. Therefore rewriting much of this book has been necessary in order to bring it up to date. However, the basic principles remain unchanged; and events of the past three decades have strengthened the evidence that supports those principles.

This book has been written primarily for readers whose education or practical experience provides the background for an understanding of this nontechnical exposition. However, there are certain features of it that may be of interest to professional economists because of new ideas or changed emphasis on familiar aspects of the subject. As a courtesy to the experts who are more interested in technical aspects of the latest developments in business-cycle theory, I have included a special introduction. This presents the more technical parts of the argument, gives page and chapter references to new ideas or changed emphasis on older ideas, and discusses the relation of this work to the writings of others.

In this fifth edition a brief discussion of the basic principles of the money-credit system and of certain technical terms has been included as Appendices A, B, C, and D. It will be of interest to readers who wish to explore the subject further.

E. C. HARWOOD

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