An elaboration of the author's address at the meeting of the American Association for the Advancement of Science, held at New Orleans, Jan. 1, 1932. Cf. Pref. Includes index. "Selected bibliography": pages 244-252.

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it.

If that is so, then we are entering a spiral of debt deflation that will play out slowly for years to come. To understand how that works, we turn to Professor Irving Fisher of Yale (1933).