Economic Rhythm: A Theory of Business Cycles

Economic Rhythm: A Theory of Business Cycles

Economic Rhythm: A Theory of Business Cycles

Economic Rhythm: A Theory of Business Cycles

Excerpt

The publishers, on the advice of eminent economists in the United States, decided to undertake the publication of an English edition of this book. Personally, the author was inclined to fear that, in making such a decision, they might run the risk of "carrying coals to Newcastle." America is justly regarded as the country where the methods of economic forecasting were originated and where they have been carried to a high degree of perfection, thanks to the labors of such distinguished scholars as Mitchell, Bullock, Persons, Snyder, Hardy, Ayres and others. This important branch of economic science has, however, been transplanted to Europe in the meantime, where its cultivation has yielded new and interesting fruit. This is due not merely to the special development of European science, but also to the quite different economic organization of the Old World, which is certainly more diversified and more complicated and perhaps also more liable to variation than that of America which reveals a tendency towards rapid progress in a straight line. This European peculiarity would appear to render a more comprehensive and complex system of economic observation necessary. Experience teaches the European that economic rhythm can only be studied by the use of a multiplicity of methods and instruments, just as medicine can never succeed in curing all maladies by adopting one single line of attack.

The author wishes that he could venture to regard the present work as a small contribution towards the repayment of the debt which Europe owes to America in the field of research into economic dynamics.

He takes this opportunity of expressing his hearty thanks to Mr. D. H. Blelloch for substantial labor on the translation, as well as his deep sense of gratitude to his . . .

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