145:. She held that “the greater part of the literature on the subject of crises is disheartening reading because of the vagueness of the terms employed and the care with which the crucial question is evaded, – what brings prosperity to a halt?... An examination of five crises in Germany and six in England does not bring to light any uniform tendency for interest as a cost of production to lag behind prices,”. She also stated that “sometimes a crisis occurs even though virtual interest rates are abnormally low, as in 1873 in Germany and England, or in 1900 in the latter country” and that “prosperity may continue for several years after virtual interest rates are high, as in the crisis of 1883 in England”. “It looks as if it could more properly be said that the rapid rise of virtual interest rates was due to the stoppage of prosperity, than that the check to prosperity comes from the rise of virtual interest rates”.
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expanding companies for capital goods raised the price of such goods and hence the profits of their producers. Increased demand for consumption of goods was a consequence of prosperity, not its cause". Furthermore, she holds that there are three possible causes for an industrial crisis: (1) " investors have taken all the risks they care to assume".; (2) "banks refuse to increase their loans further given their capital and reserves"; or (3) “because distrust has been awakened regarding the future course of enterprise,” that is, a revision of expectations of future profitability.
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operation forces which lead to a financial crisis, tend to check promotion activity, and cause a return to a condition of depression such as characterized the beginning of the period". England argues that crises are the price of progress, which means that the more rapid the progress, the more severe the crises. Her theory of promotion is similar to
Schumpeter's view of the role of innovating entrepreneurs in cycles and development.
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and Fisher commented on the novelty of the method used by
England. Fisher noted that England's method of measurement "consists in noting the years of lowest and highest points for prices, clearings, loans, note circulation, deposits, etc. It is found that beginning with the lowest point of depression
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Minnie Throop
England's dissertation “Church Government and Church Control” was never published, and was unrelated to her later scholarship. England's main scholarly interest was monetary economics, economic fluctuations, and analysis of promotion as the cause of crises. In England's early research,
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In this article, England attempts to show that "even when prosperity is not interrupted by extraneous causes such as natural calamities (crop failure, fires, floods, and so on) or by political disturbances, threat of wars, and the like, active promotion, the cause of rising prosperity, still sets in
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In this paper, England's argues that the "industrial cycle was driven by the demand for goods. Increased demand for goods during the prosperity phase of the cycle was due to promotion, that is, from efforts to procure capital goods to enlarge industries and to establish new ones. The demand new and
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The main focus of this paper was to "determine the relationship between credit and short-time fluctuations between gold and prices". The paper was divided into three parts: the rise of price, the fall of price, and an analysis of the movement of commodity prices. This article was reviewed by Irving
65:. After England graduated from the school, she taught economics as an assistant professor there. The majority of England's works were published before 1915. Her main scholarly foci were monetary economics and economic fluctuations. Her work on crises and cycles appeared after the publication of
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from 1906 to 1921. Prior to World War I, England published many articles related to the field of monetary economics and economic fluctuations, challenging the common stereotype that the focus of early female economists was primarily on gender issues or labor economics. From 1912 to 1915, she
84:. Although England's research output and her publication of economic articles was on a par with Professors in the same department, she was never promoted due to the political atmosphere of the department during World War I. In 1920, she left the university.
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following a crisis, clearings which are taken as a good index of the amount of credit used in transactions begin to increase before the commodity prices rather than the increase of prices being a cause of the increase in clearings".
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61:. At university, she studied with William George Langworthy Taylor, who published the “Kinetic Theory of Economic Crises” in 1904 in the University of Nebraska
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presented her analysis of entrepreneurial promotion of new enterprises as the cause of crises in the business cycle in four major articles in the
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in 1911. During this remarkable period of research on monetary and cycle theory, England published several articles, such as
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Dimand, Robert W. (1999-01-01). "Minnie Throop
England On Crises And Cycles: A Neglected Early Macroeconomist".
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116:"Statistical Inquiry into the Influence of Credit Upon the Level of Price" (1907)
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England, Minnie Throop (1912). "Fisher's Theory of Crises: A Criticism".
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Statistical inquiry into the influence of credit upon the level of prices
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Robert W. Dimand, Mary Ann Dimand and Evelyn L. Forget (26 Oct 2000).
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England, Minnie Throop (1915). "Promotion as the Cause of Crises".
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her work was published in monographs at the
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In this article, England critiqued the theory of Crises in
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133:"Fisher's Theory of Crises: A Criticism" (1912)
247:A Biographical Dictionary of Women Economists
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158:"Promotion as the Cause of Crises" (1915)
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139:The Purchasing Power of Money
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276:England, Minnie Throop.
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