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Updated: June 13, 2025
And in his study of price and wage movements from 1890-1910 in the United States he writes, "The figures indicate that the prices of labor are influenced by changes in business conditions, but in less measure than the price of commodities, even at retail.
They lag behind the wholesale prices both on the rise and on the fall, but more on the fall than on the rise." Mitchell, "Business Cycles," page 39. The tables given apply to the 1890-1910 period in the United States. They do not show fluctuations for periods less than a year. W. C. Mitchell, "Business Cycles," page 39. I, page 87.
He had given me the silver cigarette-case which he had used for all the years of our acquaintance. It bore his initials in one corner, and under these I now saw engraved: 'To N. F., 1890-1910. I do not recall any small incident that impressed me more than this. I still moved through a mist. The voices of my travelling companions seemed oddly small and remote.
See also F. W. Taussig, "Results of Recent Investigations on Prices in the U. S.," in Yale Review, Nov., 1893. Mitchell writes with reference to the 1890-1910 period that "on examining the figures for separate industries, one finds there is less variety of fluctuation than in commodity markets.
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