meaning capital accumulation, but after 1916 the surplus that had previously been saved ceased to be capital accumulation except in part, and was mainly diverted to warfare and collateral expenses.
| Year | Total income | Savings | Expenses |
|---|---|---|---|
| 1909 | $28,800 | ||
| 1910 | 31,400 | ||
| 1911 | 31,200 | ||
| 1912 | 33,000 | $5,000 | $28,000 |
| 1913 | 34,400 | 6,500 | 27,900 |
| 1914 | 33,200 | 5,500 | 27,700 |
| 1915 | 36,000 | 9,000 | 27,000 |
| 1916 | 45,400 | 14,500 | 30,900 |
| 1917 | 53,900 | 18,000 | 35,900 |
| 1918 | 61,000 | 22,000 | 39,000 |
| 1919 | 66,000 | 15,000 | 51,000 |
| 1920 | 72,000 | 11,500 | 60,500 |
| 1921 | 55,000 | 4,000 | 51,000 |
| 1922 | 59,000 | 5,000 | 54,000 |
The estimates for savings for 1912, 1914, 1921 and 1922 are by myself. For the other years they are by Doctor Friday. As I have previously noted, Friday’s estimates of savings in 1916–1920 are probably somewhat too high, wherefore expenses in those years may have been higher than computed above.
The figures for 1913–1920 illuminate certain subjects of dispute in a very clear way. I have shown elsewhere that physical production increased relatively little during this period. It follows therefrom that the enormous increase in gross income must be attributed mainly to the rise in prices. In 1918 the total income was 1.77 times that of 1913, but living expenses were only 1.4 times as much. In 1919 total income had
