Machine Efficiency and Industrial Depression
Readjustment of Production to Consumption
Failure to coordinate production and consumption has been recognized, since the depression became acute, as one of the fundamental causes of the country's economic difficulties. In the field of agriculture a I readjustment of output to demand has been sought through an actual destruction of growing crops and a leasing of millions of acres of farm lands out of production. In industry safeguards against over-production and destructive competition in the disposal of surplus stocks are being sought through restrictions upon the use of present equipment, and limitations upon the enlargement of existing plant capacities and the introduction of new machinery.
Even before the onset of the present depression, it was pointed out by economists that the rapid ...