Prosperity and Depression

PREFACE TO THE 1939 EDITION

In preparing the new edition of this book, Professor HABERLER has subjected the whole manuscript to a thorough revision. The references to the literature on the subject with which he deals have been brought up to date. In the light of criticisms received, each step in the analysis has been carefully reconsidered and, in a number of cases, the argument has been modified or clarified. The main innovation, however, is the addition of a new chapter at the end of the first part. This chapter deals with the very rich literature on the subject which has come into existence since the completion of the manuscript of the first edition. The manuscript of Part I of that edition was substantially completed as long ago as December 1935, and that of Part II by the middle of 1936.

The objects of this new chapter are to assess the contribution of this recent literature to business-cycle theory as a whole and, as in earlier chapters, to consider how far apparent differences between theories are real or due only to the use of different terminologies.

A. LOVEDAY,

Director of the Financial Section
and Economic Intelligence Service.

Geneva, April 1939.