PROSPERITY AND DEPRESSION

PROSPERITY
AND DEPRESSION

A Theoretical Analysis of Cyclical Movements

BY

GOTTFRIED HABERLER

THIRD EDITION ENLARGED BY PART III

UNITED NATIONS
LAKE SUCCESS, NEW YORK
1946

PROSPERITY AND DEPRESSION was originally published by the League of Nations in 1937. Several subsequent editions containing revisions and additions were also published by the League of Nations.

The present edition, published by the United Nations, is a reprint of the 1943 League edition (Series of League of Nations Publications: II. ECONOMIC AND FINANCIAL. 1943.II.A.2).

Manufactured in the United States of America

PREFACE TO THE ORIGINAL EDITION

This book has its origin in a resolution adopted by the Assembly of the League of Nations in September 1930 by which it was decided that an attempt should be made to co-ordinate the analytical work then being done on the problem of the recurrence of periods of economic depression.

PREFACE TO THE 1939 EDITION

PREFACE TO THE 1941 EDITION

ANALYTICAL TABLE OF CONTENTS

INTRODUCTION. Purpose of the book—Analysis of theories—Synthetic exposition of the nature of the cycle.

Part I
SYSTEMATIC ANALYSIS OF THE THEORIES OF THE BUSINESS CYCLE

CHAPTER I.—PRELIMINARY REMARKS

§ 1.  The Explanation of the Business Cycle: Plurality of causes—Theories differ mainly as to emphasis—Classification of causal factors—Exogenous and endogenous theories—Inherent instability in the economic system—Mechanical analogy.

Purpose of the book.

As has been explained in the Preface, this book is a first step in a more extended enquiry undertaken by the Economic Intelligence Service of the Secretariat of the League of Nations into the causes of the recurrence of periods of economic depression.

Part I

SYSTEMATIC ANALYSIS OF THE THEORIES OF THE BUSINESS CYCLE