The Maintenance of Agricultural Production During Depression: The Explanations Reviewed

T _HE tendency of agriculture in modern economic society to maintain a high level of production in depression periods has never failed to receive attention at such times.' In earlier periods economists were inclined, in accounting for it, to stress the importance of fixed charges in the farm business. In the twenties, the most popular explanation ran in terms of a futile attempt of farmers to offset falling prices by working harder and