Towards Understanding and Control
We should now have some image in our minds of the patterns and behaviour of the United States economy since 1929, at least in terms of its major components. We still lack a good deal of detail, partly because of deficiencies in the official statistics, but also because the details are more than any mind can manage. We cannot possibly have knowledge of the economic history of every one of the 300 million or so Americans who have lived during this period. It would be even more difficult to visualise the households, firms and other organisations that have existed, and still less could we visualise all the commodities that have been produced and consumed during this period. Nevertheless we do have some image of the aggregates and at least a rough idea of some significant proportions of the economy.
KeywordsInterest Rate Unemployment Rate Central Bank Collective Bargaining National Income
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Notes and References
- 1.John Kenneth Galbraith, Reaganomics: Meaning, Means, and Ends (New York: Free Press. 1983).Google Scholar
- 2.There is a small organisation called the Committee on Monetary and Economic Reform (COMER), centred mainly in Canada, which is concerned about this problem, but this concern does not seem to have spread very much to the United States.Google Scholar
- 3.J. M. Keynes, ‘The Economic Consequences of Mr. Churchill’. Reprinted in: The Collected Writings of John Maynard Keynes, vol. IX (London: Macmillan, for the Royal Economic Society, 1972) pp. 207–30. (First published 1925.)Google Scholar
- 4.This figure actually seems high in the light of the figure for gross private domestic investment, which was close to zero. This may mainly represent the repair of old structures.Google Scholar
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- 7.Nicholas Kaldor, ‘Alternative Theories of Distribution’, in Essays on Value and Distribution (London: G. Duckworth, 1960).Google Scholar
- 8.K. E. Boulding, A Reconstruction of Economics (New York: John Wiley & Sons, 1950).Google Scholar
- 9.K. E. Boulding, ‘Economic Theory: The Reconstruction Reconstructed’, in Segments of the Economy-1956, A Symposium (Cleveland: Howard Allen, 1957) pp. 7–55. Also in K. E. Boulding, Collected Papers, vol. II, Fred R. Glahe (ed). (Boulder: Colorado Associated University Press, 1971) pp. 35–85.Google Scholar