The Causes of Economic Fluctuations: Possibilities of Anticipation and Control

By Willford I. King | Go to book overview

in the hands of the wealthy. However, until this last point is subjected to careful study, no positive conclusions are justified.

Why Unemployment Is Correlated with Prosperity . -- The picture which we have just painted of the experience of England and the United States with the action of labor unions and governments in fixing wage rates, helps one to explain the strange paradox mentioned at the beginning of the chapter and to understand why it is that unemployment is a malady which affects most severely the nation which is richest. The poorest nations can grant no relief, can furnish no government employment, and dare not pass restrictive wage and hour legislation. As a result, the workers in such nations accept whatever wages they can get. Under such circumstances, unemployment rarely develops to any serious extent. One must not, however, conclude from what has just been said that the lot of laborers in poor nations is better than that of those employed in wealthy nations. The real situation is that, even in the best of times, the workers in an overcrowded country like Japan, China, or India do not have as many of the comforts and conveniences of life as do those in the United States who are on our relief rolls. Prosperity with unemployment is far better than poverty without unemployment, but prosperity with full employment would be still more desirable.


REFERENCES

The continuous pressure to liquidate debts is described by:

Ayres Leonard P. The Economics of Recovery. The Macmillan Co., New York, 1933, Chs. III, IV.

Fisher Irving. "The Debt-Deflation Theory of Great Depressions". Econometrica, October, 1933, pp. 337-357.

The growth of fear in the early part of the depression and its deflationary results is dealt with by:

Fisher Irving. Booms and Depressions. Adelphi Co., New York, 1932, pp. 32-37.

The fundamental importance of competitively determined prices is stressed by the following writers:

Marshall, Alfred. Principles of Economics. Eighth edition, Macmillan & Co., Ltd., London, 1930, Book III, Ch. VI; Book V, Chs. III, V, XIV.

-194-

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The Causes of Economic Fluctuations: Possibilities of Anticipation and Control
Table of contents

Table of contents

  • Title Page i
  • Preface v
  • Contents vii
  • Charts xiii
  • Chapter 1 - INTRODUCTION 3
  • References 18
  • Chapter 2 - CHARACTERISTICS OF BUSINESS DEPRESSIONS 20
  • References 47
  • Chapter 3 - RECORD OF BUSINESS DEPRESSIONS IN THE UNITED STATES 49
  • References 72
  • Chapter 4 - MISLEADING EXPLANATIONS OF THE ORIGINS OF DEPRESSIONS 74
  • References 107
  • Chapter 5 - INADEQUATE EXPLANATIONS OF THE ORIGINS OF DEPRESSIONS 109
  • References 124
  • Chapter 6 - THE DEPRESSION CULTURE-MEDIUM 125
  • REFFRENCES 134
  • Chapter 7 - THE DEPRESSION'S ORIGIN 138
  • References 168
  • Chapter 8 - FORCES TENDING TO ACCENTUATE AND PROLONG DEPRESSIONSS 169
  • References 194
  • Chapter 9 - INEFFECTIVE WAYS OF COMBATING DEPRESSION 196
  • References 207
  • Chapter 10 - FORCES COMMONLY TENDING TO END DEPRESSION 209
  • References 222
  • Chapter 11 - CYCLES 223
  • References 244
  • Chapter 12 - THE POSSIBILITY OF FORECASTING BUSINESS FLUCTUATIONS 247
  • References 263
  • Chapter 13 - SOCIAL COST OF UNSTABLE PRODUCTION 266
  • References 279
  • Chapter 14 - WAYS TO MINIMIZE DEPRESSION 282
  • References 311
  • Chapter 15 - WAYS TO MINIMIZE DEPRESSION (CONTINUED) 313
  • References 337
  • Index 339
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