Page:Indian Journal of Economics Volume 2.djvu/64

in a year or two which will be followed by a collapse, when prices will fall. At such a time, then, when trade has beebrae active, if contracts cannot be made at once it will probably be good policy to wait until the depression following the collapse. Prices may then be lower and wages at least the same, or but a trifle higher, whilst borrowing will made at a lower rate of interest. public works requiring the purchase almost certainly be As far as possible of much steel and other manufactured material can be best taken up during the period of depression. This secures lower prices for materials, and a lower rate of interest on the necessary loan; and it has the further advantage of regularizing the demand for labor, and thus lessening unemployment during periods of trade depression as was pointed out in the Minority Report of the Poor Law Commission. ? 12. Definitions of Social Income, and other in- om?s.--In considering and adopting a policy of economic developmen? ?he s?a?esman as well as ?he economis? mus? have in view no? merely ?he revenues which will accrue ? ?he S?e money by the benefits, direct the population. thinking and careful I shall use to mean the whole a certain definite region, large this region corresponds with or not is of no concern. kinds of income enjoyed populalion or small. any polilical inhabiting Whether boundary In considering ?he differen? by such a community, I 1.See Minority Itel)off of Boyal ?ommission on the Poor Laws, 1906-9? reprmted with T,,troduotion by Sidney and BeatFica Webb: Part II. TAd P,?b? Or?tant?ation of tb I.,at?r morbt, pp. ?80-? (I?ongmam, 190?). measures to be effected, but also the and indirect, which will accrue to On this subject some clear definition is necessary; and t? avoid misunderstanding I must ask the reader's close attention to the mean- ing of certain terms. We are ? consider the whole income and expenditure of the community, which t?rm