Investigation of Concentration of Economic Power Monograph No 1 43 volume N
Investigation of Concentration of Economic Power Monograph No 1 43 volume N
United States Temporary National Economic Committ
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The percentage by which prices declined from 1929 to 1932-33, the percentage of recovery from 1932-33 to 1937, or perhaps a combination of both these move- ments would fall into this class, (See measures C to I in appendix I. ) Here again there are certain complicating factors other than those inherent in the character of the data. One of these is the fact that secular trends may be operating during the particular period investigated with the result that cyclical movements are exaggerated or pe...rhaps obscured. Thus, to attribute the sharp decline in the prices of electric refrigerators or rayon during the depression purely to the influence of the drop in general business activity would ignore the influence of powerful technological forces and widening markets to which the behavior of these prices seems largely attributable. Nor can the effect of seasonal forces be neglected. For example, in the case of eggs the difference between the 1929 high and the 1933 low is attributable in good part to normal seasonal variation ; cyclical factors account for only a part of the movement.
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