America's future is "not only of concern to every citizen in the United States bit to people in the world at large, and, in particular, to all out here in China. It is. therefore, of much interest for the reader to understand, and to be kept posted with, the important economic changes that are in process there, Fortunately, freedom of speech in that New World permits of. mental light being thrown on the problem many men of first-rate intellect and long experience, Their labour and brainwork is at the disposal of the layman, who should give close application to the findings to receive some valuable counsel as regards the present and guidance for the future, Going to the meat such research it f to be learned tha t the flood of Government measures that have issued forth, ever since the Democratic patty' won popular support have been based on a certain theory, namely, tat crises are caused by the failure of aggregate consumer power to keep pace with aggregate production, thus causing depression they claim. And from this the conclusion is made that the remedy for depres: sions is to augment consumer pur chasing power by increasing Gove ment spending. with the Government as tax-gatherer, receive all of the income from production, As the economist Cairnes puts it, every commodity may be looked-upon as supply or as demand, and, it the aggregate, supply and demand are not merely equal but they are ides tically the one and the same thing. Therefore, the notion of a general over-production, that is, an over supply of every kind of article.'or service is impossible, since buying power, being the obverse side of it, increases as production is increased.
Text read from the printed page and cleaned; old type leaves the occasional error.