Cycles: The Science of Prediction by Edward R. Dewey, Edwin F. Dakin

By Edward R. Dewey, Edwin F. Dakin

2010 Reprint of 1947 version. In 1947 Edward R. Dewey and Edwin F. Dakin released their ebook Cycles: The technological know-how of Prediction which argued the us economic climate used to be pushed by means of 4 cycles of other size. Dewey dedicated his lifestyles to the research of cycles, claiming that "everything that has been studied has been chanced on to have cycles present." He performed large reports of cyclicity in monetary, geological, organic, sociology, actual sciences and different disciplines. because of his examine, Dewey asserted that doubtless unrelated time sequence usually had comparable cycles sessions current and that after they did the section of those cycles was once in general very related (cycle synchrony). He additionally stated that there have been many cycles with classes that have been comparable by way of powers or items of two and three. Dewey understood his cycle conception to manage to knowing what the industry goes to do and of predicting what may well come.

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Losses included the financial collapse of one or both of the roads; deterioration in equipment as maintenance was postponed to reduce day-to-day operating costs; erosion of service; or absorption of one road by the other, which gave the surviving company an unnecessarily high capital cost and subsequently higher rates. The heaviest loss was opportunity cost: society could have employed the wasted resources for something more useful than a redundant railroad line. By 1870 redundant and socially wasteful competition in transportation and communications invited outside interference to stabilize competitive market forces.

River steamboats were constructed with flat bottoms and several above-water decks for passengers and freight. These unwieldy structures looked more like floating hotels than ships but sewed their purpose with distinction. Lake steamers, however, were more like ocean-going keel steamers than like the flat-bottomed canal barges and riverboats. American inland water carrying parallelled American ocean carrying and declined during the years between the Civil War and World War I as all forms of inland water transportation felt the sting of the more versatile steam-powered locomotive hauling rolling stock along iron rails.

Between these extremes lay the value of most of the notes. Businesses relied on privately printed catalogues of note values that were sold and updated at regular intervals— an inadequate solution to a strategic business problem. By creating a uniform paper money and higher standards for banking, the federal government alleviated the uncertainty surrounding paper money valuation, but not without creating new monetary difficulties. The National Banking Act (and amendments) did not require banks to surrender state charters for federal ones but, by levying a face value tax on the state notes, did effect an end to state bank notes in favor of national bank notes.

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