8vo. Original green cloth lettered in yellow on spine (some very slight bubbling along joint); original unclipped unrestored dust jacket (some soiling, slight rubbing to edges, short crease at head of spine panel); quarter green morocco folding case gilt.

FIRST EDITION of Fisher's work, which "grew out of an invitation to speak on the Depression of 1929-32 before the American Association for the Advancement of Science [on] Jan. 1, 1932. The vast field of 'business cycles' is one on which I had scarcely ever entered before, and I had never attempted to analyze it as a whole. The scope of the present work is restricted, for the most part, to the role of nine main factors, not because they cover the whole subject, but because they include what seem to me to be the outstanding influences in the present, as well as in most, if not all, other major depressions" (Preface, p.vii). IN THE SCARCE ORIGINAL DUST JACKET.