Prices in Recession and Recovery: A Survey of Recent Changes

Prices in Recession and Recovery: A Survey of Recent Changes

Prices in Recession and Recovery: A Survey of Recent Changes

Prices in Recession and Recovery: A Survey of Recent Changes

Excerpt

Prices and price relationship almost completely dominate the economic life of the nation. Fundamental to human welfare as are the activities of production, distribution and consumption of goods, it is prices as a medium of control which, in their ceaseless changes and readjustments, stimulate or retard the very processes by which our industrial and commercial life is carried on, and govern the direction of human effort.

Yet not until recent years have economists and the business community fully realized the basic importance of the role played by prices, or clearly sensed the necessity of studying their behavior and influence in the cyclical course of our economic progress.

In 1927 Dr. Frederick C. Mills made an important contribution toward an understanding of the nature and function of prices in a volume entitled The Behavior of Prices, published by the National Bureau of Economic Research. In 1932 he made a further contribution in a second work entitled Recent Economic Tendencies, published in cooperation with the Committee on Recent Economic Changes. In the present volume, also sponsored by this Committee, Dr. Mills has rounded out this study of prices by carrying it through the recent period of recession and revival.

These three works, covering the relationship and movement of prices since the beginning of the century, represent . . .

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