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• W2179366956 abstract "W ITH THE GROWING defense expenditures, higher taxes on business, on individuals, and on consumption, plus tight credit controls, are indispensable in order to preserve the purchasing power of the dollar. Direct controls of wages and prices can only delay the deterioration in the dollar's value. Stability in the purchasing power of the dollar is indispensable, furthermore, to encourage an adequate volume of saving out of current income. Only confidence in the value of the dollar will induce the owners of $245 billion of liquid assets to continue to hold them, rather than to cash them. If they not hold them, this failure will add still further to the rising volume of money chasing the declining volume of goods to buy. Adequate taxation, expenditure control, and credit policies can make burdensome direct controls unnecessary, such as wage fixing, price fixing, investment control, and rationing. In fact, such direct controls will soon break down unless we also have tight fiscal and monetary controls. It is excess spending power that is moving us further into direct controls. Conditions, in such trying times as these, cannot be as easy or even as comfortable as we might like. So something must be done. Prices and wages are rising. If we nothing about it, there is every prospect that they will go on rising. Spending power increasingly exceeds the supply of goods at current prices. The defense (or war) programs are being added to an already full employment economy. Labor shortages help make higher wages easier to get and force business to borrow more for working capital. The spiral chase of wages and prices generates dissatisfaction on the consumer side, which is a generally sensitive side of everybody's day-to-day experience. That we want to do something about is not only understandable but quite as it should be. Nevertheless, our general experience and good sense should convince us that we should try to get at the cause of trouble, rather than try to suppress the indications that such causes are at work. Upward spiraling prices and wages are the indicators. A more and more inflated spending power is the cause. Wage fixing and price fixing attempt to suppress the indicators. They ignore the cause. And that is why they can change and complicate the symptoms of-but cannot cure-this economic disease called inflation." @default.
• W2179366956 created "2016-06-24" @default.
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• W2179366956 date "1951-01-01" @default.
• W2179366956 modified "2023-09-25" @default.
• W2179366956 title "The Threat and Folly of Direct Controls" @default.
• W2179366956 doi "https://doi.org/10.2469/faj.v7.n1.47" @default.
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