The accepted explanations of what economists call cycles of business are too involved for detailed discussion at this point in our progress. We can, however, notice with profit the three phases through which industry seems to move in its never-ending journey. For the sake of convenience we shall begin our examination at the point where prices start to rise, giving attention first to the period of prosperity; then to the period of malproduction, usually called overproduction; and finally to the period of depression, which brings us back to the starting point.