下载辰思小说免费APP
Depressionandindustrialstagnationfollowonlyincasethepecuniaryexigenciesofthesituationareofsuchacharacterastoaffectthetrafficofthebusinesscommunityinaninhibitoryway。Butbusinessisthequestofprofits，andaninhibitionofthisquestmusttouchtheseatofitsvitalmotives。Industrialdepressionmeansthatthebusinessmenengageddonotseetheirwaytoderiveasatisfactorygainfromlettingtheindustrialprocessgoforwardonthelinesandinthevolumeforwhichthematerialequipmentofindustryisdesigned。Itisnotworththeirwhile，anditmightevenworkthempecuniaryharm。Commonlytheirapprehensionofthediscrepancywhichforbidsanaggressivepursuitofindustrialbusinessisexpressedbythephrase“overproduction。“Analternativephrase，intendedtocoverthesameconcept，butlessfrequentlyemployed，is“underconsumption。“(15*)
Thecontroversialquestionastothetenabilityofanygiven“overproduction“doctrinemay，forthepresentpurpose，beleftononeside；itliesoutsidethetheoryofbusinessandithasnomeritsordemeritsforthepurposesofatheoryofbusiness。Thepointofinteresthereisratherthegroundofitsacceptationamongbusinessmenandthemeaningwhichthisnotionhasforthem；thatistosay，itischieflyofinterestheretoinquireintothehabitsofthoughtwhichgivecogencyandeffecttothedogmaof“overproduction“aspracticallyheldbythebodyofbusinessmen，-whatitpracticallymeans，whythedogmaisheld，andwhatisitseffectonthecourseofbusinessenterprise。
“Overproduction，“or“underconsumption，“asitismetwithintheviewsofbusinessmen，isneitheravacantdogmanorashiftyapologywherewithtocovertheirowndelinquencies，butaveryconcretelyrealstateofaffairs。Itisastateofaffairsthatprevailswhenbusinessispersistentlydull；andtheconceptcoveredbythetermcomprisesthesufficientcauseofthedulness，intheapprehensionofthebusinesscommunity，eventhoughtheymaynotalwaysspeakofthedifficultybythatname。
Itmaybeworthwhile，evenattheriskoftedium，topointoutthatthisconceptof“overproduction“applies，nottothematerial，mechanicalbearingofthesituation，buttoitspecuniarybearing。Thenotionisneverseriouslyentertainedthatthereisormaybeanembarrassingexcessofgoods，oroftheappliancesfortheirproduction，abovewhatwouldbeofsomehumanuseifthebusinesssituationpermittedthemtobeturnedtouse。
(1)Thesupplyofconsumablegoodsis，practically，nevergreaterthanthecommunity’scapacityforconsumingthem。Anembarrassingexcessinanylineispracticallyaremotecontingencyatthemost。(16*)Therearemanyeloquentpassagesintheeconomicmanualswhichmaybecalledinwitnessofthistruism，wheremuchpainsistakentoshowthathumanwantsare，inthenatureofthecase，indefinitelyextensible。Nothingstandsintheway，wearetold，but“difficultyofattainment“ofthegoodswithwhichtosatisfythesewants。(2)Intimesofdepression，or“hardtimes，“thereis，underthemodernindustrialsystematleast，nooverproductioninthesenseofaproductionsolargeastoovertaxtheworkingcapacityoftheindustrialappliancesandprocessesemployed，norsolarge，even，astoovertaxthenormalpowersoftheforceofworkmenorrequirethemtoworkovertimeandholidays。Quitethecontrary。
Thatsortofthinghappensonlyinbrisktimes，whenthereisnooverproduction。Seriouslytorecitesuchplatitudesasthesemayseemlikeatriflingwiththepatienceoftheprinter，oritmaybetakenforalight-headedexcessof“wissenschaftlicherMethode“；butthesetwoformulationsappeartocoveralltheconceivablewaysinwhichoverproductionmayoccur，solongasthetermisconstruedfromthepointofviewofthemechanicalfactsofthecase。Seenfromthissideaperiodofdepressionisaperiodofunderproduction；millstunonhalftimeornone，andthesupplyofgoodsthatfindsitswayintothehandsofconsumersissensiblyscantforthedemandsofcomfort。
Thedifficultyis，ofcourse，apecuniaryone，andthephraseisusedbybusinessmeninthatpecuniarysenseinwhichithasanimmediatebearingonbusiness。“Excessivecompetition“isanalternativephrase。Thereisanexcessofgoods，orofthemeansofproducingthem，abovewhatisexpedientonpecuniarygrounds，-abovewhatthereisaneffectivedemandforatpricesthatwillrepaythecostofproductionofthegoodsandleavesomethingappreciableoverasaprofit。Itisaquestionofpricesandearn
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