FOOTNOTES:
[231] E. M. Patterson, The Theories Advanced in Explanation of Economic Crises. Annals of American Academy of Political and Social Science, Vol. 59, May, 1915, pp. 133-6.
[232] Address by Edwin R. A. Seligman, The Crisis of 1907 in the Light of History, in The Currency Problem and the Present Financial Situation, A Series of Addresses Delivered at Columbia University, 1907-1908, ix-xxv. The Columbia University Press, 1908.
[233] Wesley Clair Mitchell, Business Cycles, pp. 5-19. The University of California Press. Berkeley, 1913.
[234] The not infrequent statement that prosperity sometimes merges into depression without the intervention of a crisis means simply that the writers understand by crisis a violent disturbance of business conditions. It is in closer accord with every-day usage to call such occurrences "panics," and to apply the term "crisis" to the transition from prosperity to depression even when accomplished quietly. On closer inspection, a business cycle is often found to be complicated by minor changes, such as the interruption of depression by a premature resumption of activity, the occurrence of a pause or even a slight crisis in the midst of prosperity, and the like. But for the present it is wise to confine attention to the broadest features of the cycle.
[235] Compare W. Sombart, Versuch, einer Systematik der Wirtschaftskrisen, Archiv für Sozialwissenschaft, 1904, pp. 1-21.
[236] The first type of theories mentioned in the preceding section.
[237] W. H. Beveridge, Unemployment, ed. 3 (London, 1912), chapter iv.
[238] R.E. May, Das Grundgesetz der Wirtschaftskrisen (Berlin, 1902).
[239] I have followed Mr. Hobson's latest exposition, The Industrial System (London, 1909), chapters iii and xviii.
[240] George H. Hull, Industrial Depressions (New York, 1911), p. 218.
[241] W. Sombart, Die Störungen im deutschen Wirtschaftsleben, Schriften des Vereins für Socialpolitik, vol. 113, pp. 130-133.
[242] T. N. Carver, "A Suggestion for a Theory of Industrial Depressions," Quarterly Journal of Economics, May, 1903, pp. 497-500.
[243] Irving Fisher, The Purchasing Power of Money (New York, 1911), chapter iv, and chapter xi, §§ 15, 16, 17. Compare the same writer's summary statement of his theory in Moody's Magazine, February, 1909, pp. 110-114, and H. G. Brown's paper "Typical Commercial Crises versus A Money Panic," Yale Review, August, 1910.
[244] Adapted from Wesley Clair Mitchell, Business Cycles, pp. 571-579. The University of California Press. 1913.
[245] The extract here reproduced is from the concluding chapter of the work indicated.—Editor.
[246] E. M. Patterson, The Theories Advanced in Explanation of Economic Crises. Annals of American Academy of Political and Social Science, Vol. 59, May, 1915, pp. 140, 141, 147.
[247] E. W. Kemmerer, Seasonal Variations in the Relative Demand for Currency and Capital in the United States, p. 232. Publications of the National Monetary Commission, Senate Document No. 588, 61st Congress, 2d Session.
[248] Walter Bagehot, Lombard Street, pp. 46-56. Charles Scribner's Sons. New York. 1892. (First Edition, 1873.)