Analysis of Economic Developments in Western Germany Since the Currency Reform of 1948
The theoretical analysis of cyclical fluctuations within any given period of time must bring to light the interrelations between the changes in the separate economic magnitudes during the period under review, and must then so present these interrelations as to demonstrate how the changes were logically conditioned by the very structure of the economy, due account being taken of economic and political data and of external influences. Mere factual accounts, as supplied by business cycle research institutes, can be no more than signposts pointing to possible interrelations they cannot replace theory, since any conclusions which they may reach with regard to the real internal relationships can but be in the nature of conjecture, lacking convincing proof.
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