"CONSUMERS, UNDER THE NECESSITY OF SAVING, DO NOT SPEND EVEN AS MUCH AS THEY RECEIVE"
FOSTER, William Trufant and CATCHINGS, Waddill. Profits. Boston and New York: Houghton Mifflin, 1925. Octavo, original navy cloth.
First edition of this work addressing the problem of underconsumption and proposing a hard look at various options to bring the country out of depression.
Foster and Catchings argue that the heart of economic depression is underconsumption, a reconceptualization of overconsumption. To them, the problem lies with the workers, who lack the liquid funds to buy the country's wealth of produced and freely available goods. The challenge, then, is to raise the wages of workers and also to free those funds they already have. Foster and Catchings state that they do not have any particular solution to this problem, but they address many possible alternatives that might help bring the country back from the brink.
Very nearly fine condition.