Excerpt from The Cause of Business Depressions: As Disclosed by an Analysis of the Basic Principles of Economics
It is a matter of experience that financial crises and periods of industrial depression continue to recur at successive intervals. As these events bring distress to many of the industrial workers, the question naturally obtrudes itself, is it within the range of possibility to correct this evil? Whether or not this can be done depends on the nature of the cause underlying these business disturbances. If these are the natural outgrowth of industrial progress and commercial development, there can be no hope of avoiding them. If, on the other hand, they are due to some extraneous cause, then there is a possibility of preventing their recurrence and of insuring continued business prosperity. But even then, an effective remedy cannot be pointed out unless that cause is first clearly understood.
It was through a desire to obtain an insight into this problem that I became interested in the study of political economy, but a careful reading of various works on the subject left me still in the dark. The several explanations of those economic adversities advanced in economic literature appeared to me altogether unsatisfactory.
Convinced that there must be some definite cause for the recurrent periods of business depression, I continued my investigation on basis of those economic propositions which are manifestly true, and, proceeding by methods of purely logical deduction, I was led to conclusions which in many particulars conflict with the currently accepted economic teachings, but which furnish a full and complete explanation of those disturbances and show them to be the symptoms of a curable economic disorder.
My occupation leaving me but scant leisure in which to put these conclusions in shape for publication, my earlier writings on the subject were but fragmentary and incomplete.
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