Excerpt from A Study of Prices: The Reasons Leading to Advance and What Is Necessary to Bring About Their Orderly Decline; The Manner in Which Prices Affect Credit Conditions
During a storm at sea the power of the wind makes successive series of waves, the causes of which the... observer is usually in no condition to analyze. It is only in the peaceful period that follows the storm that the thoughtful mind might study the subject of wave for mation and develop a theory based upon the direct force of the wind in its relation to the reaction from the water, the bottom of the ocean, and the distant shore.
Similarly it is perhaps now possible, with the storm of war subsided and with the experience of a period of in¿ation and some measure of de¿ation, to analyze the causes which make the successive waves of price move ment which characterize our economic life. It may also be possible to develop some principles of action to stabilize our governmental and business relations in the period of de¿ation before us.
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