DISCUSSION.

The article presents a discussion on business cycle research during the late 1940s. In this article Professor Joseph A. Schumpeter has observed that "analyzing business cycles means neither more nor less than analyzing the economic process of the capitalist era. Both of the papers presented make important and constructive contributions to the solution of this problem of comprehensive analysis. In this context the investment expenditure fluctuates more than consumption, durable goods more than perishable ones, industrial output more than agricultural output, while industrial prices are stabler than agricultural prices, is well established and, is generally accepted. How all sorts of changes in the data affect upswing and downswing is well known; for example, that changes in the propensity to save, government deficits or surpluses, changes in credit policies and interest rates, export or import changes, exert expansionary or deflationary effects is reasonably certain, although the intensity and hence the practical importance of some of these factors either in general or in particular cases is often a matter of doubt and dispute.