A New Deal

A New Deal

A New Deal

A New Deal

Excerpt

JOHN MAYNARD KEYNES tells us that in one hundred years there will be no economic problem. He is probably right. We have already largely solved the problem of production, in the sense that the nations of America and Western Europe are equipped to produce more than enough to go around. In a few years Russia will undoubtedly join them. We have left the economy of scarcity behind and entered the economy of abundance--though very few of us realize this, and most of our thinking is still in terms of scarcity economics, a cultural lag which we shall presently discuss. A billion and a half horses of mechanical energy, added to the time-honored stock of man and animal power, have at last put us in the position where, if we care to concentrate our energy, we can raise more food than we can eat, build more houses than we can inhabit, fabricate more clothing than we can wear out. Only by wasting and even deliberate destruction--such as the burning of cotton, corn, and coffee--can we dispose of the present output under the prevailing price system.

Distribution, the other wing of the economic problem, is not solved, as the present depression bears . . .

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