Certainly there seems no reason to suppose that they are likely to fluctuate during a trade cycle.

当然，似乎没有理由假设它们可能会在贸易周期中波动。

I should expect, therefore, that the real demand for labour would remain virtually constant throughout a trade cycle.

因此，我应该预期，在整个贸易周期中，对劳动力的实际需求实际上将保持不变。

These reasons are by no means unfamiliar either in themselves or as explanations of the trade cycle.

这些原因本身或作为对贸易周期的解释都绝不陌生。

But a theory which assumes constant output is obviously not very serviceable for explaining the trade cycle.

但是假设产出不变的理论显然不能很好地解释贸易周期。

Jevons's theory, that the trade cycle was primarily due to the fluctuations in the bounty of the harvest, can be re-stated as follows.

杰文斯的理论， 即贸易周期主要是由于丰收的波动， 可以重述如下。

Needless to say, it is not these theories which I have in mind in the above description of harvest phenomena as an explanation of the trade cycle.

不用说，我在上面描述收获现象时想到的并不是这些理论，作为对贸易周期的解释。

If we examine the details of any actual instance of the trade cycle, we shall find that it is highly complex and that every element in our analysis will be required for its complete explanation.

如果我们检查贸易周期的任何实际实例的细节，我们会发现它非常复杂，我们分析中的每个元素都需要对其进行完整的解释。

Unless the phenomena of the trade cycle have been confused with those of a flight from the currency such as occurred during the post-war European currency collapses, the evidence is wholly to the contrary.

除非贸易周期现象与战后欧洲货币崩溃期间发生的货币外逃现象相混淆，否则证据完全相反。

I suggest, however, that there are certain definite reasons why, in the case of a typical industrial trade cycle in the nineteenth-century environment, fluctuations in the marginal efficiency of capital should have had cyclical characteristics.

然而，我认为，在 19 世纪典型的工业贸易周期的情况下，资本边际效率的波动应该具有周期性特征，这是有某些明确原因的。

The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump; but in abolishing slumps and thus keeping us permanently in a quasi-boom.

贸易周期的正确补救办法不是废除繁荣，而是让我们永远处于半衰退状态；但在消除衰退，从而使我们永远处于准繁荣中。