This is the promise which the future holds for us, provided that we are lucky or provided that we manage our affairs well. Even if the Congressional committee agrees with the union leader, action will be slow and nothing may happen anyway. Prestige consumer healthcare brands. SCIENCE, FOOD, AND LIFE The development of the various physical and biological sciences on which all modem knowledge of nutrition is based is relatively recent. JVtw Tot* ft#**, Jan. 23, 1942, p. Did the Secretary imagine 358 P O S T W A R E C O N O M I C P R O B L E MS In contrast with technical payment arrangements, just now discussed, the choice of parities for the resumption of normal trade after the war may be thought to be an especially severe problem. 5 Disposable income: Gross personal saving...............................
Associate Professor of Political Economy, Massachusetts Institute of Technology John D. Black. In this respect, the experts are far ahead of the business community and the man on the street; but those who take the pulse of public opinion profess to detect some signs of increased optimism even among these groups. It is probable, although less certain, that, in addition, the Federal government will initiate employment maintenance measures such as large scale public works, etc. Prestige consumer healthcare company. In a longer perspective, the thirties may turn out to be a depressed decade separating two long periods of high investment activity. The agriculture of a region such as the Northeast is greatly dependent upon how much of a market is provided for milk among the low-income families of the cities.
Tariff Commission, Reciprocity and Commerce! To equalize incomes in the different parts of the world would involve a quite imprac ticable reduction in the richer countries. If we overcome this temptation to procrastinate, we shall not only be free to build the new world the way it ought to be; but the knowledge of what we want to build will make it possible for the Germans and other subject peoples of the Fascists to turn against their masters when the opportunity arises. Throughout this decade our income ceased to grow but our productive potential increased steadily. But this would not be investment. The central question is whether America chooses to be of the world economically or to sustain its economic isolation. An expansionist program would permit private enterprise to operate at high output levels. Thus the increase in population brings new expenses but no new revenue. In this day and age, it is predominantly a responsibility of the state. It was hoped that such a program would be acceptable to the doctors, but organized medicine, while not unqualifiedly opposed, seems fearful that anything of this sort will serve as an entering wedge for com pulsory health insurance. Prestige consumer healthcare products. The community cannot always rely upon the opposition of interests of employers and workers to exclude from trade agreements pro visions which are contrary to public policy. When it does arise, the problem will be to find means of increasing the exports of the debtor country, relative to its imports, and of increasing the imports of the creditor country, relative to its exports. There are two others, however, which already have been mentioned and will be discussed here.
This will offer a rare opportunity to change the organization of these regions in anyway that seems desirable, e. < to unify these countries. Many times during the thirties we had incipient boomlets; if only optimism and an upward start were needed, they would never have come to an end. The determination of the proper geographical distribution of public work clearly requires an enormous amount of economic analysis. The theory of secular stagnation differs from the classical theory of the stationary state in its treatment of the propensity to consume and the rate of interest. The transfer problem then becomes more serious. Only 1 For a good discussion of the whole problem from a geopolitical point of view, see N. Spykman, gtratepy tn WorM PoMtics. If rigid wages produce a higher level of employment than competitive wage cutting (which is uncertain), union wage policy will help avert deflation. 2 billion in a postwar year. It means surely, in the second place, that in all residential neighbor hoods there shall be plenty of open space for light and air. A steady rise of income of $1 billion per year (less than 1 per cent of current income) can easily finance an increase of debt amounting to $5 billion yearly. Rivalry in Retail Financial Services. Outstanding progress in these directions will be possible, after war's devastation ceases. It is the great nations which really restrain trade; it is the great nations which give rise to global war.
A new equilibrium could be reached only through the reduction of real saving to equality with the reduced demand for real capital goods. The figures of the Bureau of Labor Statistics for "contract" costs do not include "user cost" on old equipment in deriving labor and materials patterns. And yet there is no escape for the unions. It greatly increases the ability of employees to appro priate the gains of successful ventures and of technological progress.
Those who complacently predict a boom are likely to find their expectations fulfilled, but not with respect to the employment and real-income aspects usually associated with a prosperity period. 30 per family, with an average of $16. Technical knowl edge and management will be needed, firstly, to carry on the con struction work and the creation of new industries (possibly to assist in the improvement of agriculture); secondly, to assist, at least for a time, in the operation of what is created; and, finally, to train and educate those who will ultimately take over the management. This problem can be eliminated by adequate foresight and planning. It would be repaid as far as possible out o f subsequent proceeds from the use of land.
And we may hope that this country will deal with the men who are risking their lives in its service as generously as have other belligerents, allowing them the same credits as if they had been in private employment, without requiring any contributions from them. And finally, whether the United States adopts a program of general price fixing as a long-run policy will depend in large measure on the ability of political leaders and voters to distinguish between the consequences of alternative types of economic policy, as well as upon their willingness to subordinate group interests to the larger good. Aside from the manufacturing industries, which would have * Bureau of the Census, qf Force, Fynp% M and t/ntmoyw T! It is possible to have a large inSation in this sector of the economy and yet prices of consumption goods may rise relatively little. Therefore, with an eye on the past we shall assume state and local expenditures of $8 billion, Federal expendi tures of! But that is not tantamount to saying that unless we devote 100 per of our energies to the prosecution of the war—leaving the problems of the postwar world to brief future consideration and hurried treatment— we are being foolish and remiss. CHAPTER XXI INTERNATIONAL ASPECTS OF AN INVESTMENT PROGRAM R. BRYCE Under this heading two questions are to be considered: firstly and briefly, certain international effects of a substantial, directed program of domestic investment, and, secondly, the opportunities and need for international investment in a publicly directed program of postwar investment intended to provide full employment and to increase the standard of living of the peoples of the world.
Unfortunately the reader is left in the dark as to what the case is! If, then, the explanations of the Keynesians are, to put it mildly, incomplete, we may be permitted at least to explore the possibility that the phenomenon of the thirties can be explained on other grounds. Yet the peace must be won, as well as the war. 5127 (Nov. 29, 1941), p. 645. On the other hand, growth in one region generally fosters growth all around. Effects on motivation and accumulation would then be serious. Some consider irresistible and irreversible the drift or drive in the latter direction, or else account desirable not the liquidation of war time agencies but their conversion into peacetime agencies of like character, or revere "planning" and regard it as essentially implying vast extension of such measures in peace.
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