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Hansen, Alvin H., and Guy Greer. Toward full use of our resources. Fortune (N. Y.), Nov. 1942, v. 26:130–133. HF5001.F7

Contents: Discusses the need for public investment, timing of the investment, some of the improvements needed, etc. Conclusion: The various kinds of needed public expenditure can be made to provide all the flexibility needed to maintain full employment.

Higgins, Benjamin. Problems of planning public work. In Postwar economic problems, ed. by Seymour E. Harris. New York, McGraw-Hill, 1943, chap. XI, p. 187-205. HDS2.H29

Contents: Said to be "One of the best summaries of the post-war ro'e of public works."

The United States public work reserve. labour review (Montreal), Nov. 1944, v. 50: 581-602.

International HD4811.165

Contents: Reviews efforts at Federal planning and cool nating of planning of public works projects. Conclusion: Unless the Federal Government provides funds to state and local governments for planning, and also expresses its intention to resume Federal aid to help finance projects, we shall have no adequate reserve of plans large enough to sustain full employment. Hirsch, Julius. Facts and fantasies concerning full employment. American economic review (Evanston, Ill.), Mar. 1944, v. 34: 118127. HB1.E26

Conclusion: Public and semipublic enterprise shall be expanded within the limits of a balanced budget; construction particularly shall be furthered by all means.

Lester, Richard A. Providing for unemployed workers in the transition. New York, McGraw-Hill, 1945. 152 p. (Committee for economic development research study.) HD5724.142

Contents: A program of public works needed for the transition period is analyzed. Conclusion: Federal, state, and municipal programs of public works should be prepared to meet "curtailed-spending" unemployment. Transition programs should be highly flexible. Successive levels of projects should be planned for introduction if the volume of long-term unemployment indicates a need for them. Federal subsidy for non-federal public construction is undesirable. Emergency or low-utility projects should occur only if better projects and measures to stimulate private spending fail to prevent a large volume of long-term unemployment.

Murray, Philip. C. I. O. reemployment plan. Washington, C. I. O. Department of research and education, 1945. 29 p.

Contents: Reviews opportunities with respect to airports, railways, highways, housing, regional development, etc.

Nathan, Robert R. Mobilizing for abundance. New York, Whittlesey house, 1944. 228 p. HC106.4.N32

Conclusion: Public works and other forms of spending are necessary if private spending is inadequate to provide full employment. Pierson, John H. G. Fiscal policy for full employment. Washington, National planning association, May 1945. 54 p. (Planning pamphlets, No. 45.) HC101.N352 No. 45

Contents: Discusses the role of public works in a compensatory fiscal policy. Conclusion: Public works would provide the last line of defense against unemployment. An adequate reserve shelf of useful construction and service projects should be prepared. Incentive to return to private employment should be provided not through low wages but rather through priority for private work. This would be done through having private employers inform the Employment Service of their respective needs, and the Service would call upon an agency performing the public works to terminate compensatory projects.

Prosperity-How to get it-How to keep it. New republic (N. Y.), Nov. 27, 1944 (Special section) v. 111: 707-726. AP2.N624

Conclusion: Public works expenditures, using plans which should be prepared in advance, could be used as a flywheel to control the wild gyrations of our economy. See especially p. 710.

Ruml, Beardsley. Four post-war fiscal problems. Commercial and financial chronicle (N. Y.), May 25, 1944, v. 159:2169, 2174. HG1.C2

Conclusion: Public works cannot be used to stabilize the business cycle, but can be used to stabilize the construction industry. Sheldrick, P. T. $13 billion worth of public works planned for post-war by states and municipalities. Magazine of Wall Street (N. Y.), Mar 3, 1945, v. 75: 573-574+. HG4501.M3

Contents: Summarizes the fiscal situation and plans of states and cities with respect to post-war public works, and some of the implications. Shields, Murray, and Donald B. Woodward. Prosperity: We can have it if we want it. New York, McGraw-Hill, 1945. 190 p. HC106.4.S53

Conclusion: There should be no Federal works expenditures except those which can be justified as aids to production. Federal influence as to timing might be brought to bear on state and local expenditures through planning and allowing investment of surpluses with Federal agencies.

Stead, William II. Democracy against unemployment; an analysis of the major problem of post-war planning. New York, Harper & bros., 1942. 280 p. HD 5706.SS

Conclusion: Public-work projects should be planned to cover long periods of time and controlled so that they are greatly restricted in volume during periods of large business activity and quickly expanded in periods of depression. Public works should be planned to offset the fluctuations in private construction. The adoption of a "Flexible Budget” to adjust the amount of public works to the employment situation is suggested. See especially p. 106-111.

Taft, Robert A. Guaranty of full-time employment at standard wages. (Reprint of address before National industrial conference board. In U. S. Congress. Daily congressional record, Jan 22, 1945: A229-232; also in Commercial and financial chronicle (N. Y.), Jan. 25, 1945, v. 161, no. 4354: 363, 416-417. HG1.C2.)

Contents: Why it is impractical to guarantee government employment on public works.

U. S. Congress. Senate. Special committee on post-war economic policy and planning. The problem of post-war employment and the role of Congress in solving it. Washington, Govt. print. off., 1944. 11 p. (78th Cong., 2d sess. Senate Report 539, pt. 4.)

Contents: Reviews the need of adopting a policy with respect to public works, and especially in relation to Federal aid.

U. S. National resources planning board. Development of resources and stabilization of employment in the United States. Washington, Govt. print. off., 1941. 409 p. (77th Cong., 1st sess., House Doc. 142). HC106.4.A25 1941b

Contents: A 6-year program of public construction and a statement of related future policies and plans of the Federal Government. Contains findings and recommendations of the board with respect to a Federal program for national development, statements of 10 regional development plans, and studies on national policies for developing land, water, and energy resources.

U. S. National resources planning board. Security, work, and relief policies. Washington, Govt. print. off., 1942, 640 p. HVS5.A53 1942

Conclusion: The government should provide work for all adults who are able and willing to work, if private industry is unable to provide employment. See especially p. 545.

Land committee. Arca analysis-a method of public works planning. Washington, Govt. print. off., 1943. 40 p.

HC106.4.A2 No. 6a

Contents: Sets out a method of "integrated area analysis" for some 200 areas in the U. S. to aid in planning public works to avoid unemployment after the war.

Wagner, Robert F. Address delivered before the ninth Federal savings and loan association, New York, N. Y., May 17, 1945. 5 p. mimeo.

Conclusion: Investment in housing is vital to prosperity. Private enterprise should be encouraged to come as near to this goal as it can. Public housing would be supplementary and non-competitive.

Wallace, Henry A. Address. In Congress of industrial organizations. Political action committee. Full employment: proceedings of the Conference on full employment. New York, January 15, 1944, p. 67-74. HC106.4.C536

Conclusion: We must have a vast stock pile of blueprints for public roads, schools, sewers, reforestation, irrigation dams, and flood-control projects for every state in the union so that if employment falters for any length of time in any area government employment may be promptly thrown into the breach.

Statement. In U. S. Congress. Senate. Committee on commercc. Administration of certain lending agencies of the Federal Government. Hearings. 79th Congress, 1st session . . on S. 375, January 24 and 25, 1945. Washington, Govt. print. off., 1945. HG3729.U5A5 1945a

144 p.

Contents: Discusses the need of a planned public-works program for providing private employment. Sec especially p. 78, 103 104,

5. Social Security (Except Unemployment Compensation)

A few items listed here relate social security in general to the problem of full employment. Unemployment compensation is considered below under the heading "Labor" (D-4).

Beveridge, William H. Full employment in a free society. New York, W. W. Norton, 1945. 429 p. HD5767.B42 1945

Contents: Discussion of social security, national health service, education, nutrition, fuel and other necessities, town and country planning, housing and transport, as immediate objectives in a full employment program. Conclusion: The Beveridge plan for social security set out in November 1942 would, if adopted, help materially towards maintenance of employment by expanding and maintaining private consumption outlay.

Burns, Eveline M. Social security and our post-war economy. Journal of educational sociogy (N. Y.), Nov. 1943, v. 17: 132–142. L11.J76

Conclusion: In any program for full employment, social security is a necessary element. An adequate minimum income for all would provide a floor to consumer purchasing power.

Great Britain. Ministry of Reconstruction. Employment policy. May 1944. London, H. M. Stationery off., 1944. 31 p. (Command Paper 6527). HC256.4.G7A5 1944

Conclusion: The weekly contribution to be paid by employers and employees under the new system of social insurance would fluctuate with the state of employment. The rate of contribution would exceed the standard rate when unemployment fell below the estimated average level and would be less than the standard rate when unemployment exceeded this average. The purpose is to maintain purchasing power and reduce the variations in total expenditure and employment.

Liberal party committee on full employment. The government's employment policy examined. London, Liberal publication department, 1944. 7 p. HC256.4.LA

1944

Conclusion: The proposal to use the machinery of the social insurance system to increase purchasing in bad times and cut it down in good times (as proposed in Cmd 6527) is opposed. The proposal throws overboard all pretense that the system is based on insurance principles. It is true that in good times many can afford high contributions, but the opposite may be. true for some workers.

Murray, James E. Full employment and social security under a free-enterprise system. Daily congressional record, Apr. 24, 1945: A2041-A2045

Contents: Social security as it is related to full employment is discussed, including such aspects as unemployment compensation, disability insurance, medical and hospitalization insurance, public assistance, and social security finances.

National planning association. Agriculture, business and labor committees on national policy. Joint statement on social security. Washington, the Association, April 1944. 36 p. (Planning pamphlets, No. 33.) HC101.N352. No. 33

Contents: A review of the inadequacies of the present system, the need for improvements, recommendations, estimates of costs, etc. Conclusion: Recommendations extend to broader coverage for old age, increased payments, sickness and disability insurance, Federal aid to states (inversely with wealth) for general relief, administrative changes, etc.

6. Monetary Policy

The relation of monetary policy to full employment is the subject of this very incomplete list.

Boulding, Kenneth E. The economics of peace. New York, Prentice-Hall, 1945. 278 p. HB171.B63

Contents: Reviews proposals to increase velocity of circulation by use of deprociating stamp money, or taxing bank deposits. Conclusion: Something can be said for the schemes, but their feasibility is questioned. See especially p. 151-153.

Pierson, John H. G. Full employment. New Haven, Yale university press, 1941. 297 p. HD5724.P5

Contents: Discussion of monetary controls to assure adequate consumer spending, how to avoid inflationary excesses as well as deficit spending, and the monetary principles of a full-employment market economy. Conclusion: The monetary system should be recognized as an instrument to be used for social purposes. When consumer spending falls short of the guaranteed rate (guaranteed by the government in Pierson's proposal) so that the government needs to add to consumer purchasing power, the gov ernment will have to borrow, levy additional taxes, or print non-interestbearing notes. The government may achieve the socially necessary mone

tary ends by way of influence exerted upon banks, through or in parallel with the Federal Reserve System, and partly by way of supplementary operations of a borrowing-lending character, carried on directly with production enterprise or with individual consumers by public agencies.

Ruml, Beardsley, and H. Christian Sonne. Fiscal and monetary policy. Washington, National planning association, July 1944. 42 p. (Planning pamphlets, No. 35). HC101.N352 No. 35

Contents: Reviews the relation of fiscal policy to full employment. Conclusion: Monetary policy should be prepared to combat inflationary or deflationary tendencies. Banks must afford reasonable credit facilities, but at same time must not be hamstrung by unduly critical bank examiners. Shields, Murray, and Donald B. Woodward. Prosperity: We can have it if we want it. New York, McGraw-Hill, 1945. 190 p. HC106.4.S53

Conclusion: Changes must be made in the monetary system to prevent inflation and depression. There is real need for coordinating credit control. Voorhis, Jerry. Beyond victory. New York, Farrar & Rinehart, 1944. 240 p. U21.V6

Conclusion: If in a given year, production increases by 5%, then the national government should create and spend into circulation, in lieu of tax revenue and without any increase in interest-bearing debt, an amount of new purchasing power equal to 5% of the total of money previously in existence. See especially p. 108.

Wernette, J. Philip. The full-employment standard. Controller (N. Y.), Aug. 1944, v. 12: 338–340. HF5001.C77

Conclusion: A Business Cycle Control Authority, guided by reliable statistics on unemployment, should issue new money in whatever amounts may be necessary any time that a depression threatens, so as to stimulate industry and maintain employment at the practicable maximum.

7. Fiscal Policy (Except Taxation)

Public spending to promote full employment is the subject of the items collected here. Deficit-spending, debt, etc., are included. Taxation is considered under the immediately succeeding subhead (B-8).

Beveridge, William H. Full employment in a free society. New York, W. W. Norton, 1945. 429 p. HD5767.B42

1945

Contents: In appendix C by Nicholas Kaldor are discussed alternative methods of securing full employment by fiscal policies; basic alternatives are increased public expenditure covered by loans, the same covered by taxation, increased private spending brought about through remission of taxation, and the same brought about through changing the incidence of taxation or imposing a combined system of taxes and subsidies. See especially p. 345–349. Bissell, Richard. Post-war private investing and public spending. In Post-war economic problems, ed. by Seymour E. Harris, New York, McGraw-Hill, 1943, chap. V, p. 83-110. HD82.H.29

Contents: Summarizes the case against public spending to provide full employment. Conclusion: Public spending may involve the neglect by the government of other activities that are fully as necessary for the health of the free-enterprise system. Deliberately expanded expenditures of depression years usually go for objects far down in the scale of citizens' preference.

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