Economic Cycles : their Law and Cause, by Henry Ludwell
Moore (Macmillan and Co., 8s. 6d. net), discusses, as its title suggests, those large rhythmic economic changes which have long puzzled economists. The author, who holds the Chair of Political Economy in Columbia University, offers as a solution the theory that these cycles depend in the first instance upon the yield of crops, and ultimately upon the amount of rainfall.
In his own- words : " The fundamental, persistent cause of the cycles in the yield of the crops is the cyclical movement in the weather conditions represented by the rhythmically changing amount of rainfall ; the cyclical movement in the yield of the crops is the fundamental, persistent cause of Economic Cycles." In support of this controversial view Professor Moore brings forward numbers of statistical and other argu- ments, to which we must refer those of our readers who desire to consider the matter more closely.
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