This is the second of a series of studies of the NRA undertaken by the Institute of Economics under the immediate direction of Leverett S. Lyon. The first, The Economics of Free Deals, dealt with a specific controversial trade practice and the types of problems which the regulation of such a practice presented to trade and government officials. This volume, on the other hand, is a general introductory statement dealing with the National Industrial Recovery Act and the Recovery Administration during the first few months of their existence.
The Recovery Act occupies a central place in the President's recovery program. The administration of that Act has definitely affected not only every industry but almost every person in the economic life of America. Yet so energetic has been the execution of the NRA program and so quickly changing the aspects which have been brought to the public's attention that it has been difficult, if not impossible, even for interested persons to see the significance of the law as a whole or to observe its administration with proper perspective. In view of this difficulty, it is believed that this preliminary view of the NRA will be useful in furthering the Institute's object "of ascertaining the facts about current economic problems and of interpreting these facts for the people in the United States in the most simple and understandable form." It goes without saying that discussion of the results of the NRA program must be postponed