下载辰思小说免费APP
Thecaseisdifferentasregardstheannualoutputofvendibleproducts，whetherforindustrialorconsumptiveuse。Inthiscase，andparticularlyasregardsthismatterofnewInvestmentsandextensionsofIndustrialequipment，theannualoutputcountsforbyfarthegreaterfactorinmakingthecurrentvalueoftheavailablesupply，ifindeeditisnottoberegardedassubstantiallytheonlyfactorthatcomesinquestionhere。
Accordingly，itisonlyunderveryexceptionalcircumstances，attimeswhenthepreciousmetalsaresuppliedwithextraordinaryfreedom，thattheincreasedoutputofthesemetalscanoffsetthetrendofbusinesstowarddepression。Ordinarilythisfactorcancountfornomorethanamitigationofthe“tendencyofprofitstoaminimum。“Andeventhismitigatingeffect，itmayberemarked，appearstobeoflessradicalconsequenceforthegeneralsituationofbusinessnowthanitwasduringtheearlierphasesofthemachineindustry’sregime。Themosttellingeffectofanincreasedsupplyofthepreciousmetalsseemstobetheincitementwhichitgivestospeculativeinflation。(28*)
Itwillbenotedthattheexplanationhereofferedofdepressionmakesitamaladyoftheaffections。Thediscrepancywhichdiscouragesbusinessmenisadiscrepancybetweenthatnominalcapitalizationwhichtheyhavesettheirheartsuponthroughhabituationintheimmediatepastandthatactualcapitalizablevalueoftheirpropertywhichitscurrentearning-capacitywillwarrant。Butwherethepreconceptionsofthebusinessmenengagedhave，ascommonlyhappens，ingreatpartbeenfixedandlegalizedintheformofinterest-bearingsecurities，thismaladyoftheaffectionsbecomesextremelydifficulttoremedy，eventhoughitbetruethattheselegalizedaffections，preconceptions，orwhatnot，centreuponthemetaphysicalstabilityofthemoneyunit。
Butwhileitistruethatdepressionisprimarilyabusinessdifficultyandrestsonemotionalgrounds，thatdoesnothinderitshavinggraveconsequencesforindustryandforthematerialwelfareofthecommunityoutsidetherangeofbusinessinterests。
Businessenterprise，itistrue，proceedsonmetaphysicalgroundsandisswayedbyconsiderationsofnominalwealthratherthanbyconsiderationsofmaterialserviceability；but，nonetheless，businessenterpriseandbusinessmetaphysicscontrolthecourseofindustry。
Dulltimesinbusinessmeansdulltimesinindustry，ofcourse。Butacautionisnecessaryonthishead。Theyearlyoutputdoesnotusuallyvaryextremelybetweenbriskanddulltimes，exceptasmeasuredinprice。Asmeasuredinmaterialtermsthediscrepancyinthevolumeofoutputbetweenbriskanddulltimesismuchless。Thegrossoutputasmeasuredbyweightandtaleislessindullthaninbrisktimes，otherthingsequal；butthedeficiencyasmeasuredinthesetermsismuchlessthanthepricereturnswouldindicate。Indeed，theoutputasmeasuredbyweightandtaleneednotaverageveryappreciablylessduringaprotracteddepressionthanduringaprecedingperiodofgoodtimes。(29*)Thevolumeofbusinessaswellasthevolumeofoutput(byweightandtale)ofindustrymayincreaseduringafewyearsofdepressionatnearlyifnotquiteashigharateasduringacorrespondingperiodofgoodtimes。Atransitionfromdulltobrisktimes，however，commonlyifnotinvariablyinvolvesarapidincreaseinvalues，whileaconversetransitioninvolvesacorrespondingshrinkageofvalues，thoughcommonlyaslowershrinkage，-exceptwhereacrisisintervenes。
Theprimaryhardshipofaperiodofdepressionisapersistentlesionoftheaffectionsofthebusinessmen；thegreatestsecondaryhardshipiswhatfallsupontheworkmen，inthewayofpartialunemploymentandadeclineinwages，withconsequentprecariousnessandreductionoftheirlivelihood。(30*)
Forthoseworkmenwhocontinuetofindfairlysteadyemploymentduringthedepression，however，evenatreducedwages，thelossismoreapparentthanreal；sincethecheapeningofgoodsoffsetsthedeclineinwages。Indeed，thecheapeningofthemeansoflivingisapttooffsetthefallinwagesfully，forsuchworkmenashavesteadywork。Sothatinthecaseoftheworkmenalso，aswellasinthatofthebusinessmen，thedistresswhichdulltimesbringsisinsomepartaspiritual，emotionalmatter。
Totherestofthecommunity，thoseclassesthatareoutsideofbusinessenterpriseandoutsideoftheindustrialoccupationsproper，thatistosay，those(non-industrial)classeswholiveonafixedsalaryorsimilarfixedincome，dulltimesareathinlydisguisedblessing。Theysufferintheiraffectionsfromth
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