The American Economy: Its Problems and Prospects

The American Economy: Its Problems and Prospects

The American Economy: Its Problems and Prospects

The American Economy: Its Problems and Prospects

Excerpt

This book is the revision of five lectures given at the Sixth Business Conference at Stanford University in July 1947. The lectures have been substantially revised and expanded. The fifth lecture has been divided into two chapters. Figures have been brought down to date and at some points, where significant new material has become available, it has been incorporated in the text. In substance, however, these chapters are essentially the same as presented at Stanford in the summer of 1947. My wife has read the manuscript several times and has made many suggestions for its improvement.

It is one of the glories of American institutions that they give unrivaled opportunities to innovators and critics of all kinds. The large output of criticism of all aspects of American life is a healthy protection against complacency. In the field of economics it is a useful reminder that industrial institutions can still stand much improvement. It has the effect, however, of causing many Americans to underestimate the substantial merits of their economic institutions. In some respects this country undoubtedly lags behind western Europe in its economic and social arrangements, but in matters that count most it does not. The truth of this statement would be demonstrated in a sensational fashion if other countries were to remove their restrictions on emigration and if this country were to remove its restrictions on immigration. Freedom for . . .

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