Word: entwicklung
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Meanwhile, in 1912, he published the "Theorle der Wirtschaftlichen Entwicklung," in which he enunciates the now famous theory of the physical business cycle, the theory that alternate periods of prosperity and depression are caused by new inventions, and that, therefore, the business cycle is inherent in any complex industrial society, regardless of its political organization...
Meanwhile, in 1912, he published the "Theorle der Wirtschaftlichen Entwicklung," in which he enunciates the now famous theory of the physical business cycle, the theory that alternate periods of prosperity and depression are caused by new inventions, and that, therefore, the business cycle is inherent in any complex industrial society, regardless of its political organization...
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