in the volume of output between brisk and dull times is much less. The gross output as measured by weight and tale is less in dull than in brisk times, other things equal ; but the deficiency as measured in these terms is much less than the price returns would indicate. Indeed, the output as measured by
THE THEORY OF MODEKN WELFARE 239
weight and tale need not average very appreciably less during a protracted depression than during a preceding period of good times.* The volume of business as well as the volume of output (by weight and tale) of industry may increase during a few years of depreasion at nearly if not quite aa high a rate as during a corresponding period of good times. A transition from dull to brisk times, however, commonly if not invariably involves a rapid increase in values, while a converse transition involves a corresponding shrinkage of values, though commonly a slower shrinkage, — except where a crisis intervenes.