Word: galbraithe
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This week the CRIMSON questioned seven of the University's best informed economists on the problems of economic mobilization and winning the "economic cold war." They are: Sumner H. Slichter, Lamont University Professor who has already written several articles and speeches on this subject; J. K. Galbraith, professor of Economics and a deputy director of the Office of Price Administration during World War Two; John T. Dunlop, professor of Economics who in February was a mediator in the Coal Strike; Edward S. Mazon, Baker Professor of Economics and dean of the School of Public Administration; Alexander Gerachenkron, associate professor...
...Direct" controls, notably price ceilings, drew fire for varying reasons. Professors Galbraith, Harris, and other argue that price controls should be held off as the all-out emergency measure, and Mason points out that the public would not obey them unless a real emergency existed. Slichter feels price ceilings would be particularly inappropriate "in a long-run production contest which may last for years and which the United States must win by rapidly expanding its output...
Professor Galbraith, who in the last war was a deputy price administrator and who still keeps in close touch with Washington, favors strong indirect controls today, built around high taxation. Backing current Administration policy, he points out that high taxes can and should cover all the increased governmental spending, thus wiping out the inflationary effects of the war expenditures, And he feels profits will be high enough to encourage heavy production...
...Galbraith would reinforce the high taxes with indirect controls, such as those already imposed on consumer and real estate credit, as well as certain "selective" price controls on crucial materials like copper and rubber. But the "heavy artillery" of blanket price controls must by all means be held back, he said, until we have some idea of a terminal point. "Price controls become less effective the longer they remain in existence," he explained...
...only does Professor Galbraith want to make the most of taxes and other fiscal controls now, but he wants also to be sure defense dollar are being spent efficiently. "Before Korea we were spending enough but not wisely. The Administration needs to set up a continuing civilize authority to check that our defense money is buying machines and armed units instead of just paying for a large overhead...