To the rest of the community, those classes that are outside of business enterprise and outside of the industrial occupations proper, that is to say, those (non-industrial) classes who live on a fixed salary or similar fised income, dull times are a thinly disguised blessing. They suffer in their affections from the reflected emotional detriment of the business coramunity, but they gain in their ease of livelihood and in theu- savings by all the difference between the price scale of brisk and of dull times. To these classes an era of prosperity brings substantially nothing but detriment."
■ The reduced »cale ot living of the working population is the chiel fftctor that counts as on offset againBt the reduction of the grom prodaotion during dull limes, lu indicated above.
< Cf. articlea by G. Cosae], '• Om Kriser ocb Dallga Tider," now nmuing In Elcononisk Tidskrift (1004, Nos. 1 and 2), for a parallel dlBCOMion of the toptcs here dealt with. Mr. CaBBel's eipoaicion codnecis more closely with the received notioni ot Capital, ProducUoa, etc. , and goea more into detail at certain poinU, parlicalarlf on Saving
THE THEORY OF MODERN WELFARE 241
Depression is primarily a malady of the affections of the business men. That is the seat of the difficulty. The stagnation of industry and the hardships suffered by the workmen and other classes are of the nature of symptoms and secondary effects. Any proposed remedy, therefore, must be of such a nature as to reach this emotional seat of the trouble and restore the balance between the nominal value of the business capital engaged and the earnings of the business ; that is to say, a remedy, to be