Value Theory and Business CyclesValue Theory and Business Cycles was originally published in 1933 during the great depression. It is the purpose of the present study to show the vital relation between business cycle theory and value theory. In fact, the study is intended to contribute quite as definitely to the economics of value as of business cycles. Section I deals with embodied value theory and price movements. Section II deals with business cycles in relation to the marginal utility theory of value, as developed by the Austrian School. Section III deals directly with the problem of business equilibration, showing how certain forces contribute to instability, and suggesting ways and means of the achievement of greater business stability. The positive argument in this work may follow quite successfully by reading the first chapter in Section I and then proceeding directly to Sections II and III. -This book covers such topics as: -Why production does not finance consumption -Why supply does not beget demand -Why prices do not gravitate to the equilibrium point that clears the market -How a partial depression generates a general depression -Why the repeal of the antitrust laws and the promotion of unrestricted monopoly will not necessarily make business more stable-What the dangers of "greenbackism" really are-How the gold standard is unstable -Why liquidation fails to liquidate in time of depression. |
Contents
PART I PRICE MOVEMENTS IN A PRECIOUS METALS ECONOMY | 3 |
PART II EMBODIED VALUE THEORY AND PRICE MOVEMENTS IN A PAPER MONEY ECONOMY | 57 |
BOOK II COMMANDED VALUE THEORY IN ITS RELATION TO BUSINESS CYCLES | 117 |
PART I PRODUCTION AND CONSUMPTION AS RELATED TO EFFECTIVE DEMAND | 119 |
PART II MONETARY INSTABILITY AND THE PROBLEM OF EFFECTIVE DEMAND | 169 |
BOOK III THE PROBLEM OF BUSINESS EQUILIBRATION | 217 |
AFTERWORDThe Conservative Wealth Builder by Adam Starchild | 271 |
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Common terms and phrases
amount balance bank basis become business cycles called capital cause commanded commodities competition considered consumers consumption continue cost create crises crisis currency definite demand demand and supply depression desire determined dollar economic effective embodied equal exchange exchange value expansion experience explain fact factors fall Fisher fixed fluctuations follows forces give given gold gold standard greater held important increase industry instability interest investment issue labor land less logical major Malthus managed Marx means measure monetary natural necessary normal notes operate period possible present price level principle problem production profits Proudhon purchasing power quantity reason relatively remain represent reserve result Ricardo rise savings sell serve Sismondi situation social stability supply theory of value things tion trade unit utility volume wealth