Business & Finance: Producers' Goods

The Harvard School of Business last week issued a small opus entitled The Behavior of Consumption in Business Depression. Its author was Arthur R. Tebbutt, instructor in Business Statistics. It was a nice dry statistical study tending to show by many tables just how much con- sumption fell off from 1929 to 1932, but it packed a punch in its conclusions—a punch at the theories behind the Industrial Recovery Act.

The trend of the evidence presented was of this order: that depression consumption of meat, butter, tobacco, grain, textiles, clothes fell very little if at...

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