Employment, Growth and Price Levels: A Review Article

Calvin B. Hoover

The Quarterly Journal of Economics, 1960, vol. 74, issue 3, 374-392

Abstract: I. Relation of the Report to component reports and to the majority and minority reports of the Joint Economic Committee. Criticisms of the Report; "the numbers game," 374. — II. Comparison of recent rates of economic growth with past rates and with rates of other countries, 375. — III. The attempt at price stability at the expense of growth. Critique of attempt to promote growth by fighting inflation. No simple relationship between changes in output and changes in prices, 376. — IV. Movements of GNP over time show long periods in which demand rather than supply determined growth of output, 379. — V. The problem of market power in attempting to control inflation, 380. — VI. Upward movements in prices have, however, been in services rather than products, 381. — VII. Antitrust action against corporations but not against labor organizations advocated to control market power, 382. — VIII. Relative increase in both private and public saving rather than in private consumption advocated, 383. — IX. Inflationary bias inherent in downward rigidity of prices. Constant rate of increase in money supply as a means of stabilizing rate of growth rejected. Selective credit controls recommended, 387. — X. U. S. position in world trade. Evidence does not indicate we are pricing ourselves out of the world market, 390. — XI. Rate of growth of 4.5 per cent annually attainable within our present economic system, 391.

Date: 1960
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