The Agricultural Outlook and Business Activity, 1927-1928

Excerpt: A discussion of the agricultural outlook in its relation to business conditions in 1927-28 calls primarily for an analysis of the probable money income which the agricultural industry will be able to contribute as a part of the national buying power. It also calls, in my mind, for a comparison between the current phase of the business cycle and of the agricultural price cycle; for, it may be said at the outset, there are agricultural price cycles just as there are business cycles, and furthermore, there appears to be an important relationship between them of a causal or coincidental nature which is not usually observed in current analyses of the business situation.