TITLE

The Road to Recovery

AUTHOR(S)
Brozen, Yale
PUB. DATE
March 1977
SOURCE
National Review;3/4/1977, Vol. 29 Issue 8, p264
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article explains why higher money growth and increased government spending are not the best methods of assuring economic recovery in the U.S. It is stated that the influence of fiscal policy continued to worry about the economy becoming overheated by runaway inflation and persuaded former U.S. President Harry S. Truman to call a special session of the Congress, in August 1948, to impose price controls. It is stated that in addition to the income effect, there will also be an inflation effect. The increased demand for goods starts prices rising. Historically, every extra 1 per cent added to the rate of inflation adds, with a lag if there has been a long period of price stability, one percentage point to interest rates.
ACCESSION #
6071856

 

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