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Extra info for Monetary Theory and the Trade Cycle
E. a falling-off of economic activity — which is not occasioned by any corresponding change in the original economic data. 11 The prevailing disproportionality theories are in agreement in one respect. They all see the cause of the slump in the fact that, during the boom, for various reasons, the productive apparatus is expanded more than is warranted by the corresponding flow of consumption; there finally appears a scarcity of finished consumption goods, thus causing a rise in the price of such goods relatively to the price of production goods (which amounts to the same thing as a rise in the rate of interest) so that it becomes unprofitable to employ the enlarged productive apparatus or, in many cases, even to complete it.
P. 217. 56 NON-MONETARY THEORIES OF TRADE CYCLE a decisive place in its argument, and we should therefore be well advised to begin by seeing how the various theories try to deal with the phenomenon in question. Apart from the monetary theories, which, as will be shown later, can only be considered satisfactory if they explain that phenomenon, there are two groups of explanations which can be entirely disregarded. In the first place there is nothing to be gained from an examination of those theories which seek to explain cyclical fluctuations by corresponding cyclical changes in certain external circumstances, while merely using the unquestionable methods of equilibrium theory to explain the economic phenomena which follow from these changes.
The above-mentioned essay of A. ' f By 'equilibrium theory' we here primarily understand the modern theory of the general interdependence of all economic quantities, which has been most perfectly expressed by the Lausanne School of theoretical economics. The significant basic concept of this theory was contained in James Mill's and J. B. Say's Theorie des Debouches. Cf. L. Miksch, Gibt es eine allgemeine Uberproduktion? Jena, 1929. e. e. by the formation of a new equilibrium. No tendency towards the special expansion of certain branches of production, however plausibly adduced, no chance shift in demand, in distribution or in productivity, could adequately explain, within the framework of this theoretical system, why a general 'disproportionality' between supply and demand should arise.