The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XII. Relief in Seven Years of Stable Money

Collection:: Economics Books

194 The Stock Market Crash—And After the basis of the money and credit structures through- out the world. With the yearly increase in gold production lagging further and further behind the monetary de- mand from increased business, we may expect the very elements of our prosperity making for business expansion to accentuate this possible gold crisis in the years to come with consequent business de- pression—unless measures which are quite practicable shall be taken to prevent it. But whatever the future may have in store, certain it is that we have had seven wonderful years of stable money. Relief Due to Stable Money Unlike the other five causes of increased national productivity enumerated in preceding chapters, namely, mergers, scientific research and invention, management engineering, labor’s new policy, and prohibition, the influence of stable money has been purely negative, consisting as it has in the mere re- moval of the twin interferences of inflation and deflation. But these interferences, until the last few years, have been so incessant and so ruinous—the last inter- ference being the deflation of 1920-1921, still well remembered—that the relief afforded by their re- moval must be regarded as of quite enormous im- portance. This negative cause, together with the five more positive causes, constitute an adequate explana- tion for the amazing increase in productivity per

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