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Defense, controls and inflation : a conference sponsored by the University of Chicago Law School PDF

352 Pages·1952·25.034 MB·English
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Preview Defense, controls and inflation : a conference sponsored by the University of Chicago Law School

Defense, Controls, and Inflatio1~ Defense, Controls, and Inflation A CONFERENCE SPONSORED BY THE UNIVERSITY OF CHICAGO LAW SCHOOL Edz'ted by AARON DIRECTOR THE UNIVER.SITY OF CHICAGO PRESS THE UNIVERSITY OF CHICAGO PRESS, CHICAGO 37 CambridgeUniversityPress,London,N.W.1,England W. J. Gage & Co., Limited, Toronto 2B, Canada Copyright1952 by TheUniversityofChicago. Allrights reserved. Published1952. ComposedandprintedbyTHE UNIVERSITYOFCHICAGOPRESS,Chicago,Illinois,U.S.A. FOREWORD THE current mobilization program raises issues which are of obvious importance to law and economics. These issues concerntheeffectivenessofalternativemeasuresto achieve eco nomic mobilization as well as the influence of these measures on the more permanent objectives of public policy. The conference held at White Sulphur Springs, West Vir ginia, on April 5-8, 1951, was planned to achieve a discussion of these issues: and to clarify the areas of agreement and dif ference. It was sponsored by the University of Chicago Law School. The following committee was in charge of the confer J. ence: Walter Blum, Milton Friedman, Wilber G. Katz, Ed ward H. Levi, W. Allen Wallis, and Aaron Director, chairman. I am indebted to Mr. Ward S. Bowman and Mr. Harry Kal ven, Jr., of the Law School staff, and Mr. Milton Friedman, of the Department of Economics, for their considerable assistance in preparing the Introduction. The University ofChicago Law Schoolis grateful tothe Wil liam Volker Fund of Kansas City for a grant to cover the ex penses of the conference and for further financial assistance toward publication of the transcript. AARON DIRECTOR UNIVERSITY OF CHICAGO LAW SCHOOL v TABLE OF CONTENTS LIST OFPARTICIPANTS . viii I. INTRODUCTION . 1 II. FIRSTSESSION, FRIDAY MORNING, APRIL 6, 1951 22 THEROLEOFMONETARYPOLICY III. SECONDSESSION, FRIDAY AFTERNOON, APRIL 6, 1951 68 THEROLEOFFISCALPOLICY IV. THIRDSESSION,FRIDAYEVENING,APRIL 6, 1951 122 THELEVELOFPUBLICEXPENDITURES V. FOURTHSESSION,SATURDAYMORNING,APRIL7,1951 147 THEROLEOF DIRECTCONTROLS VI. FIFTH SESSION, SATURDAYAFTERNOON,APRIL7, 1951 202 THEROLEOFDIRECTCONTROLs-Continued VII. SIXTHSESSION, SATURDAYEVENING, APRIL7,1951 254 THEIMPACTOFREARMAMENTONTHE BRITISHECONON[Y VIII. SEVENTH SESSION, SUNDAY MORNING, APRIL B, 1951 . 285 A. THE LONG-RUN CONSEQUENCES ON FREE INSTITUTIONS B. SUMMARYSTATEMENTS INDEXOF NAMES . 34] vii LIST OF PARTICIPANTS GARDNER ACKLEY, Office of Price Stabilization, Washington, D.C. THURMANW. ARNOLD, Arnold, Fortas&Porter,Washington, D.C. LAIRDBELL,Bell,Boyd,Marshall&Lloyd, Chicago,Illinois THE HONORABLE WALLACE F. BENNETT, United States Senate, Washing ton, D.C. RoyBLOUGH, EconomicAdviser to the President, Washington, D.C. WALTERJ. BLUM, Associate Professor of Law, The Universityof Chicago, .Chicago, Illinois WARD S. BOWMAN, JR., Research Associate, The University of Chicago Law School, Chicago, Illinois OTIS BRUBAKER, Director, Research Department, United Steelworkers of America, Pittsburgh, Pennsylvania W. RANDOLPH BURGESS, Chairman, Executive Committee, The National City Bank of New York, NewYork, NewYork THE HONORABLE EMANUEL CELLER, House of Representatives, Washing- ton, D.C. JOHN CHAMBERLAIN, The Freeman, New York, New York BENJAMINV. COHEN, Washington, D.C. HERBERT C. CORNUELLE, The Volker Fund, Kansas City, Missouri PHILIP CORTNEY, President, Coty, Inc., NewYork, NewYork GARFIELD V. Cox, Dean, The University of Chicago School of Business, Chicago, Illinois OSCAR Cox, Cox, Langford, Stoddard& Cutler, Washington, D.C. ELIW. DEBEVOISE,Debevoise,Plimpton& McLean, NewYork, NewYork AARON DIRECTOR, Professor of Economics, The. University of Chicago Law School, Chicago, Illinois MICHAEL V. DISALLE, Director of Price Stabilization, Washington, D.C. JAMESH. DOUGLAS, JR., Gardner, Carton& Douglas, Chicago, Illinois PEYTON O. FORD, Deputy United States Attorney-General, Washington, D.C. DAVID E. FELLER, Assistant General Counsel, Congress of Industrial Or ganizations,Washington, D.C. MILTON FRIEDMAN, Professor of Economics, The University of Chicago, Chicago, Illinois MARTINR. GAINSBRUGH, ChiefEconomist, National Industrial Conference Board, Inc.,NewYork,NewYork LLOYDK. GARRISON, Paul, Weiss, Rifkin, Wharton & Garrison, New York, NewYork RICHARD B. GOODE, Assistant Professor of Economics, The University of Chicago, Chicago, Illinois GEORGEE.HALE,Wilson&McIlvaine,Chicago,Illinois ROBERT L. HALE, Professor of Law, Columbia University, New York, NewYork viii List of Participants ix BERNARD F. HALEY, Professor of Economics, Stanford University, Stan ford, California ALVIN H. HANSEN, Professor of Economics, Harvard University, Cam bridge, Massachusetts Roy HARROD, University Lecturer in Economics, Christ Church College, Oxford, England FRIEDRICHA~ HAYEK, Professorof Social and Moral Science, The Univer- sityofChicago, Chicago,Illinois HENRYHAZLITT, Newsweek, NewYork, NewYork LEON HENDERSON, Research Institute of America, Washington, D.C. H. STRUVE HENSEL, Carter, Ledyard & Milburn, New York, New York CHARLESJ. HITCH, The RAND Corporation, Santa Monica, California JOHN JEWKES, Professor of Economic Organization, Merton College, Ox- ford, England HOMER JONES, FederalReserve System, Washington, D.C. HARRY KALVEN, JR., Associate Professor of Law, The University of Chi cago,.Chicago, Illinois WILBER G. KATZ, James Parker Hall Professor of Law, The University of Chicago, Chicago,.Illinois MEYER KESTNBAUM, Hart, Schaffner& Marx, Chicago, Illinois FRANK H. KNIGHT, Morton D. Hull Distinguished Service Professor of Social Science and Philosophy, The University of Chicago, Chicago, Illinois FRED LAZARUS, JR., Federated Department Stores, Inc., Cincinnati, Ohio I-IAROLDLEVENTHAL, Price StabilizationAgency, Washington, D.C. EDWARDH. LEVI, Dean,The University of Chicago Law School, Chicago, Illinois BERNARDD. MELTZER, ProfessorofLaw, The UniversityofChicago, Chi cago, Illinois EUGENE MEYER, The Washington Post, Washington, D.C. LLOYD W. MINTS, Associate Professor of Economics, The University of Chicago, Chicago, Illinois LUDWIG VON MISES, Visiting Professor, Graduate School of Business Ad ministration, New York University, New York, New York H. GRAHAM MORISON,AssistantUnitedStatesAttorney-General, Washing ton, D.C. GEORGE M. MORRIS, Morris, KixMiller & Baar, Washington, D.C. W. C. MULLENDORE, Southern California Edison Company, Los Angeles, California THE HONORABLE JOSEPH C. O'MAHONEY, United States Senate, Washing ton, D.C. PAUL A. PORTER, Arnold, Fortas & Porter, Washington, D.C. WILLIAM WOOD PRINCE, The Union Stock Yard Company, Chicago, Illinois EUGENE V. ROSTOW, Professor of Law, Yale University, New Haven, Connecticut BEARDSLEYRUML, NewYork, NewYork THEODORE W. SCHULTZ, Chairman, Department of Economics, The Uni versity of Chicago, Chicago, Illinois x List of Participants CARL S. SHOUP, Professor of Economics, Columbia University, New York, NewYork ROSCOE T. STEFFEN, John P. Wilson Professor of Law, The University of Chicago, Chicago, Illinois HERBERT STEIN, Committee for Economic Development, Washington, D.C. HERMAN W. STEINKRAUS, Bridgeport Brass Company, Bridgeport, Con necticut GEORGE STIGLER,ProfessorofEconomics,ColumbiaUniversity, NewYork, New York GEORGE W. STOCKING, Professor of Economics, Vanderbilt Univel'sity, Nashville, Tennessee JR., THEODORE TANNENWALD, Counsel to the Special Assistant to the President, Washington, D.C. J. CAMERON THOMSON, N.orthwest Bancorporation, Minneapolis, Minne sota JACOB VINER, Professor of Economics, Princeton University, Princeton, NewJersey w. ALLEN WALLIS, Professor of Statistics and Business Economics, The UniversityofChicago, Chicago, Illinois LYNN A. WILLIAMS, JR., Vice-President, The University of Chicago, Chi cago, Illinois HENRYC. WINGATE, Intenlational Nickel Company, NewYork, NewYork

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