Unless disputants understand the meaning attached by each other to the terms of a controversy, they may worry along indefinitely without making an in… - William Trufant Foster

The daily expenditures by consumers for new consumers' goods, upon which business stability largely depends, are determined in part by the total volume of money in circulation, in part by other factors including the frequency with which that money is returned to consumers. The flow of money, therefore, from use in consumption to another use in consumption should not be overlooked in studies of the causes and conditions of business fluctuations. It is the purpose of this paper to describe certain aspects of this circuit flow of money, to raise the question whether it does not deserve more attention that it has yet received in our analyses of business cycles, and to suggest pertinent lines of investigation. Unfortunately, the statistics upon which the most important conclusions concerning this subject must be based are not at hand and are not likely to be for a long time to come. The following discussion will have served its purpose if it stimulates further inquiry in profitable directions and helps to hasten the day when the necessary statistics are available.

The " general" definition may give you no hint as to the way in which a particular assertion is meant to be interpreted. When, therefore, as in formal debate, a proposition is advanced by persons other than those who discuss it, clearness in defining is not sufficient. In such cases a definition must have two qualities: it must be clear, and it must be satisfactory to the persons addressed. They must know what the speaker means, and they must be convinced that his meaning is the correct one, — correct for that particular proposition at the time and place and under the conditions of that particular debate. Otherwise, they may object in the end that he has proved, not the given proposition, but another which he has substituted for it by means of arbitrary definitions.

At home, as well as abroad, there is paralyzing uncertainty among business men as to whether the Reserve Board will allow that expansion of bank credit without which such prosperity as we have had in recent years simply cannot last. In short, the Board has created a state of mind which breeds business depression.