ABSTRACT
This book contains my early studies in the theory of the business cycle published in Poland in the years 1933-1939 which were almost inaccessible after the war. As the reader will find, I had dealt in these essays with a number of basic issues which were in the centre of economic discussion during the subsequent twenty yearsl. The studies also reflect the most essential features of my theory of the business cycle. I modified in my later work only the factors determining investment decisions and I allowed for changes in inventories in the course of the business cycle, from which I abstracted in the first version.
