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 XVI. The Hopeful Outlook

Collection:: Economics Books

260 The Stock Market Crash—And After abnormal swelling of brokers’ loans. People who were eager to profit went into debt for this purpose, erecting a great credit structure more topheavy than had previously been erected. Mr. Carl Snyder is right in saying that the structure was a house of cards. But this house of cards was built on a solid mountain, the height of which dwarfed the house of cards on its top. After the tremendous fall in the stock market it has become the fashion to decry the phrase “the new era,” which so many were using and believing in. That phrase may perhaps be exaggerated in its implications. Mr. Snyder has pointed out that the general rate of growth of production has been fairly constant over long periods, and that it was inter- rupted by diminishment in the rate of production per worket during the war and immediately after the war. But from 1899 to 1922, the product per worker hardly increased at all, and since 1922 it has increased in a steeply ascending line to the high- est rate of production known in history. For this reason I believe that the Hoover Committee on Recent Economic Changes was right when it reported that “production per man hour of effort has risen to new heights,” with “higher per capita income in 1922-1927 than ever before.” Even a slightly increased “tempo” of production finds a great magnification in the stock market. That is because, as pointed out in the chapter on “The Flight from Bonds to Stocks,” the rate of rise of common stocks is much faster than that of fixed or

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