The Causes of Economic Fluctuations: Possibilities of Anticipation and Control

By Willford I. King | Go to book overview

until a well-managed socialistic state would make production far more efficient than it had been in the past. Others believed that the voters would eventually see the folly of curtailing output and would force the repeal of restrictive legislation and insist upon the enactment of measures which would stimulate production. A few believed that restrictive measures would not be extended, and that the budget would soon be balanced and destructive inflation thus be avoided. Probably the vast majority of citizens had no definite opinions concerning the probable course of events in detail, but adhered to the optimistic philosophy that the American people had too much good sense to allow themselves to be dragged into any economic quagmire, and that they would tolerate neither a dictatorship, communism, nor fascism.

The wide divergence in these points of view illustrates well the difficulties of forecasting mentioned in the last chapter. Nevertheless, in the light of actual experience, it can scarcely be gainsaid that depression-breeding forces have invariably produced results so inimical to the general welfare that it is eminently worth while to devise ways and means of making the economic machinery of the nation function more steadily, smoothly, and effectively. The problem is, however, so complex that the person untrained in economic science cannot be expected to master it. The amateur's attempts to remedy evils are as likely to make matters worse as better. The skilled economist is the only one in a position to suggest measures which will actually make our national economy function in a more satisfactory manner. Logic suggests, therefore, that the burden be placed upon his shoulders.


REFERENCES

The economic losses resulting from business cycles, and methods of minimizing these losses, are described in:

Business Cycles and Unemployment. The National Bureau of Economic Research, McGraw-Hill Book Co., Inc., New York, 1923, Chs. III-X, XII, XIII, XV.

Statistics on the losses in income resulting from the ups and downs of business are found in:

King Willford I. Employment, Hours, and Earnings in Prosperity and Depression, United States, 1920-1922.

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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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