production and consumption ; rather than from the side of business enterprise — the phenomena of price, earnings, and capitalization. This untoward accident of a false start is probably accountable for the fact that no tenable theory of these phenomena has yet been offered. The solutions attempted have commonly proceeded by an analysis of industrial life apart from business enterprise ; that is to say, they have sought to explain the occurrence of crises under that old-fashioned " natural economy " or "money economy" under which crises did not normally occur.'
Taking as a point of departure the patent fact that crises, depressions, and brisk times are in their first incidence phenomena of business, of prices and capitalization, an explanation of their appearance and disappearance, and of their bearing upon the common welfare, may be sought by harking back to those business principles that underlie
1 Tbis LB well oremplifled In Tugan-Baranowsky (Handettkrisea), who declftrea at the outset