ABSTRACT
If the reader thinks through what has been said, and tests it on any factual material or on the arguments of any theory of crises and the business cycle, he must understand how the boom creates out of itself an objective situation, and hence to a temporary position of relative steadiness and absence of development. We have seen — in contrast to the doctrine which sees in the business cycle essentially a monetary phenomenon or one which has its root in bank credit, and with the policy of the Federal Reserve Board — that neither profits in a boom nor losses in a depression are meaningless and functionless. The most important remedy a la longue, and the only one which is exposed to no objections, is the improvement of business cycle prognosis.
