4
TH8 BATTALION
THE BATTALION
Published every Wednesday nisht by the Students’ Association of the Agrieultural
and Mechanical College of Texas.
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EDITORIAL STAFF
E. L. ANDREWS .
R. H. SHUFFLER .
W. C. MORRIS ...
H. C. GIVENS
A. PAEZ
J. M. HOLMES ...
P. A. DRESSER ...
F. W. THOMAS, JR.
W. T. COLEMAN . .
Editor-in-Chief
Managing Editor
Associate Editor
Associate Editor
Associate Editor
Sports Editor
Associate Sports Editor
Assistant Sports Editor
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J. J. LOVING Exchange Editor
H. W. TOEPPERWEIN Columnist
L. W. JOHNSTON
News Editor
J. E. TEAGUE
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J. M. GARCIA
Assistant News Editor
Y. B. GRIFFIS
Assistant News Editor
T. B. KETTERSON
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W. P. PATTON, JR.
L. HANKS
V. A. BUESCHER .
BUSINESS STAFF
Business Manager
Assistant Business Manager
Circulation Manager
IS THERE A ROAD TO PLENTY i
By—F. B. Clark, Ph. D. Head of
Department of Economics.
An interesting phenomenon is the
fact that at different times the same
doctrines develop spontaneously.
Each time they appear with a new
ness and a freshness as if they had
not been previously expressed—even
at times more forcefully. It will be
hard to find a more accurate illus
tration of this occurence than that
of the writings of Foster and Catch-
ings in their relation to previous ex
ponents of the well-known under
consumption theory of economic
crises.
Since all of their works do little
more than clothe the same doctrine
in different language, the following
quotation from their book on “Prof
its” will suffice to cover the thread
of thought in any of their works:
“Progress toward greated produc
tion is retarded because consumer
buying does not keep pace with pro
duction. Consumer buying lags be
hind for two reasons; first, because
industry does not disburse to con
sumers enough money to buy the
goods produced; second, because con
sumers, under the necessity of sav
ing, cannot spend even as mucl
money as they receive. There is not
an even flow of money from produ
cer to consumer, and from consume!
back to producer. The Expansion
of the volume of money does not
fully make up the deficit, for mon
is expanded mainly to facilitate the
production of goods, and goods must
be sold to consumers for more money
than the expansion has provided.
Furthermore, the savings of corpora
tions and individuals are not used
to purchase the goods already in the
market, but to bring about the pro
duction of more goods. Undes the
established system, therefore, we
make prog-ress only while we are
filling the shelves with goods which
must either remain on the shelves
as stock in trade or be sold at a loss,
and while we are building more in
dustrial equipment than we can use.
Inadequacy of consumer demand is,
therefore, the main reason why we
do not long continue to produce the
wealth which natural resources, capi
tal facilities, improvements in the
arts, and self interest of employers
and employees would otherwise en
able us to produce. Chiefly because
of the shortage of consumer demand,
both capital and labor restrict out
put, and nations engage in those
struggles for outside markets iand
spheres of commercial influence
which are the chief causes of war.”
Writing in the early years of the
nineteenth century, Jean Charles
Sismondi voiced almost identically
the same setiment. This is seen by
the following quotation from Gide
and Rist’s “History of Economic
Doctrines”:
“The natural result is a want of
harmony in the demand for products.
With property uniformly divided and
with an almost general increase in
the revenue -there would result a
certain degree of uniformity in the
growth of demand. Those industries
which supply our most essential and
most general wants would experience
a regular and not an erratic expan
sion. But as a matter of fact at the
’ present time it is the revenue of the
wealthy alone that increases. Hence
there is a growing demand for the
more refined objects in place of a
regular demand for the ordinary
things of life; a neglect of the more
fundamental industries, and a de
mand for the production of luxuries.
If the latter do not multiply quickly
enough then the foreigner will be
called to satisfy the demand. What
is the result of these incessant
changes ? The old, neglected indus
tries are obliged to dismiss their
workmen, while the new industries
can only develop slowly. During the
interval the workmen who have suf
fered dismissal are forced to reduce
their consumption of ordinary goods,
and permanent under-consumption,
attended by a crisis immediately fol
lows. ‘Owing to thhe concentration
of wealth in the hands of a few pro
prietors, the home market is con
tracted and industry must seek other
outlets for its products in foreign
markets, where even more consider
able revolutions are possible’.” (Gide
(Continued on Page 8)
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