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PISOAL POLICY? USE OP QOVBRNMINT PINANCB TO INPLUENCI
LEVEL OF EOONOMIO ACTIVITY
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ADAMS, Thomas S.
"Monetary and fiscal policies," in PROCEEDINGS of
the Academy of Political Science, Vol. 15, January,
1933, pp. 192-195•
ALDKICH, Winthrop V.
Business recovery and government policy,
BANKERS MAGAZINE,
January, 1937.
Pp. 3.
ALEXANDER, Sidney S.
Opposition to Deficit Spending for the Prevention
of Unemployment, Chap. 2, Part I I , in INCOME, EMPLOYMENT
AND PUBLIC POLICY (Hansen F e s t s c h r i f t ) . New York:
Norton, 1948, pp. 177-198.
ALTMAN, 0. L.
Private investment, full employment, and
public funds, AMERICAN ECONOMIC REVIEW, XXXI,
SUPPLEMENT,
1941, pp. 228-236.
M
Inflation ana deflation
ftngell, James
1.
The broad facts concerning the Federal finances and the banking system. (In:Annalist, Jan«4,
1935, p« 3-4)
The Reserve banks have come to be dominated
by the Treasury, so that the major movements of
the commercial banking system are dominated to a
large degreet This dominance seems almost certain
to produce catastrophic resuits• Some indication
of the kind of inflation which we are going to hae
ANGELL, James V.
The broad facts concerning the Federal finances
and the banking system, THE ANNALIST, January A, 1935,
pp. 3-4.
The Reserve banks have come to be dominated by the
Treasury, so that the major movements of the commercial
banking system are dominated to a large degree. This
dominance seems almost certain to produce catastrophic
results. Some indication of the kind of inflation which
ve must expect.
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ARNOLD, Ehurman V.
THE FOLKORE OF CAPITALISM.
University Press, 1937.
New Haven: Yale
problems relating to full-employment
government budget, see pp. 102-4,
170-4, 262-331*
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BERNSTEIN, E. M.
"Controls exercised through public expenditures,n
Paper presented at 8th annual conference of the
Southern Economic Assn. (Chapel Hill and Durham, N.C.),
Nov. 7-9, 1935-
BERNSTEIN, Edward M''Controls Exercised through Public Expenditures,"
a paper given at the 8th annual conference of the
Southern Economic Association, Chapel Hill and Durham,
N.C., November 7-9, 1935.
SiaH^Ai
Id*
Woman L *
poi,ccf
Seur/V**!AS
1937 pp. 27fi-<Brc
Qcos^oAf/C-
BRYAN, Malcolm H.
fcThe New Deal and Government Finance, w
paper given at annual meeting of the Southern
Economic Association, held in Chattanooga,
Tennessee, November 9-10, 1934-
BURNS, Arthur E. and WATSON, Donald S.
GOVERNMENT SPENDING AND ECONOMIC EXPANSION.
Washington: American Council on p u b l i c A f f a i r s , 1940.
Pp. v i , 176.
Review: by Dan Throop Smith, JOURNAL OF POLITICAL ECONOMY,
v o l . 50, F e b . , 1942, pp. 1 3 1 - 3 3 .
BUBNS, A. E.
GOVERNMENT SPENDING AND ECONOMIC EXPANSION.
Washington: American Council on Public Affairs, 1940.
A rather detailed history of American experience
with purposeful deficit financing. It is pointed out
that government spending has become a powerful instrument
by which the government is assuming economic initiative.
The author accepts the theory and practice of the measure, but feels that not enough was spent during the
recovery period.
CLAEK, J. M.
An appraisal of the workability of compensatory
devices, AMERICAN ECONOMIC REVIEW, SUPPLEMENT, X H X ,
March, 1939, pp. 194-208.
CLARK, J. M.
"Effects of Public Spending on Capital
Formation," CAPITAL FORMATION AND ITS ELEMENTS.
New York: National Industrial Conference Board,
19 .
COLEMAN, Raymond v .
Government bonds and the balanced budget,
HARVARD BUSINESS REVIEW,
Autumn, 19-41.
COLM, Gerhard and LEHMANN, Fritz
ECONOMIC CONSEQUENCES OF RECENT AMERICAN
TAX POLICY. New York: New School for Social
Research, 1938. Pp. xii, 108.
Review: by A. G. Hart, JOURNAL OF POLITICAL ECONOMY, v.
A7, June, 1939, pp. 436-9.
COLM, G. and LEHMANN, F.
"Public Spending and Recovery in the
United States, SOCIAL RESEARCH, III,
1936, pp. 129-166.
Multiplier —and pump priming
COLM, Gerhard and LEHMANN, Fritz
Public Spending and Recovery in the
United States, SOCIAL RESEARCH, III,
1936, pp. 129-66.
COMSTOCK, Alzada
"The effects of a federal tax program that
will be adequate for substantial debt reduction,"
PPJOCEEDINGS of the 30th Annual Conference on
Taxation under the Auspicfts of the National Tax
Association,
1933-
COPLAND, M. A.
Public investment in the United States,
AMERICAN ECONOMIC REVIEW, SUPPLEMENT,
XXIX,
1939, pp. 33-41.
i
TnoAri
Full ^plvnjmenT.
fUeu>
Review: by Dan Throop Smith, JOURNAL OF POLITICAL
ECONOMY, v. 47, Dec, 1939, pp. 388-9.
fiscal devices to alter money stream
LEEDS, Morris E.: Proposes flexible budget system*
Government measures to counter unemployment
FLANDERS, Ralph E.: Relation of credit system to business
fluctuations
relies on improved central bank policy and government spending; discusses recession of 1937/8
DENNISON, Henry S.: study of tax structure in terms of
relative burdens on consumption and savings
DOUGLAS, Levis V.
Sound Recovery through a Balanced Budget, THE
ATLANTIC MONTHLY, Vol. 156, December, 1935, pp. 676-80.
Cuv^
DOUGLAS, Levis V.
The Danger of Mounting Deficits, THE
ATLANTIC MONTHLY,
Vol. 156,
November, 1935. pp. 561-67.
DOUGLAS, Lewis ¥.
Can Government Spending Cure Unemployment?
THE ATLANTIC MONTHLY, Vol. 156, October, 1935, pp.
408-12.
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DOUGLAS, Paul H.
CONTEOLLING DEPRESSIONS. New York: W. W. Norton,
1935. Pp. v i , 286.
F t . I : THE PROBABLE CAUSES OF DEPRESSIONS:
1 . Cumulative Causes of Depressions
2. Some Alleged Generating Causes of Depressions
3 . Wiere the Trouble Seems to Li*
4 . Does a Depression I n e v i t a b l y Cure I t s e l f ?
P t . I I : SOME METHODS OF CONTROLLING DEPRESSIONS:
5. Moderating Influences through Federal Reserve
Policy, pp. 99-122.
6. Public Works and F i s c ^ Policy, pp. 123-42.
7. An International v s . a National Standard, pp. 143-58.
8 . A Managed National Currency, pp. 1 5 9 - 6 4 .
9* A Managed Banking System, pp. 165-88.
10. Standards for the Management of Monetary
Purchasing Power, pp. 189-209.
11. Wage Policy and Depressions, pp. 210-229
12. Price Policy, pp. 230-50.
13. Unemployment Insurance and Relief, pp. 251-66
14. If the Pump Should Not Prime, pp. 267-76.
15. Summary and Conclusions, pp. 277-82.
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EOCLES, Marriner 3.
BECKONING PHDNTIERS. New York, Alfred A. Knopf
1951.
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ECCLES, M. S.
ECONOMIC BALANCE AND A BALANCED BUDGET.
Nev York: Harper, 1 9 4 0 .
ECCLES, Marriner S.
ECONOMIC BALANCE AND A BALANCED BUDGET .
Public Papers of M. S. Eccles edited by Rudolph L.
Weissman. New York, Harper Bros., 1940.
ECCLES, M. S«
How are we to put idle men, money
and machines to work? BULLETIN HARVARD BUSINESS
SCHOOL ALUMNI ASSOCIATION,
July, 1939.
Pp. 10.
Controlling
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ECKER-RASZ, L. L., Editor
FINANCING RELIEF AND RECOVERY. Reprinted
from The Municipal *ear Book, 1937. Chicago:
International City Managers' Association, 1937.
Pp. 372-493-
Fmft^HicD,
F-W.
FAIRCHILD, Fred R.
Taxation in a Period of Economic depression,
BULLETIN of the NATIONAL TAX ASSOCIATION,
November, 1931.
7*xa{/6«
policies
T/IX Pe*wcy A
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it*e
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GALBRAITH, J. K.
Fiscal policy and the employment-investment
controversy, HARVARD BUSINESS REVIEW, XVIII,
1939, pp. 29-34.
GAIER, Arthur D.
Fiscal Policies, AMERICAN ECONOMIC REVIEW,
SUPPLEMENT, XXVIII, March, 1938, pp. 90-112.
6iO£o»OSfc(
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GILBERT, R. V. and others
AN ECONOMIC PROGRAM R3R AMERICAN
DEMOCRACY: BY SEVEN HARVARD AND TUFTS ECONOMISTS.
New York: Vanguard, 1938. Pp. ix, 91.
Review:
by Howard M. Teaf, Jr., AMERICAN ECONOMIC REVIEW,
XXIX, June, 1939, pp. 359-60.
Theoretical analysis based largely on S/l equilibrium
conclusions of Keynes, applying them to US experience
in great depression and down to 193&. They accept
Keynes1 arguments to exclusion of all other possible
explanations of depression, and rely on govt, spending
as only way to reestablish eqnUibriusw The 1933-37
recovery is attribted to this govt, spending and the
reduction of public expenditures in 1936 is blamed for
1937 recession. Considerable emphasis is put in
secular stagnation hypothesis
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Harpers
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GRIFFITH, E. C.
Deficit financing and the future of capitalism,
SOUTHERN ECONOMIC JOURNAL,
October,
1945.
GROVES, H. M.
Recovery through t a x a t i o n , CURRENT
HISTORY,
March, 1934.
Pp. 7 .
HABERLER, Gottfried
"On Certain Limitations to a Spending Policy,"
chap. Xiii, section 7 in PROSPERITY AND DEPRESSION.
Geneva. League of Nations, 3d rev. ed., 1941 > pp. 503-7.
HAHN, L. Albert
"Compensating Reactions to CompensatorySpending," THE AMERICAN ECONOMIC REVIEW, XXXV,
No. 1, March, 1945, pp. 28-39.
Factoy
U*
19 SL.
Deficitf
&/£•
V/H.E
HAIG, Robert M.
The State of the Federal Finances,
THE YALE REVIEW, Vol. 21, December, 1932.
HALEY, Bernard F.
The Federal Budget: Economic
Consequences of Deficit Financing, THE AMERICAN
ECONOMIC REVIEW, SUPPLEMENT, XXX, No. 5, February,
1 9 a , pp. 67-87*
HALM, George N.
MONETARI THEORY* Philadelphia:
1st e d , , 1946.
Blakiston,
problems involved in full-employment government
budget, see pp. 724-74-5.
M
Inflation and def]aation
Hantrey, R« G«
Public expenditure and trade depression, with
discussion.
(In: Journal of the Boyal s t a t i s t i c a l
society, pt.3,1933,p.433-417)
Suggests that currency depreciation i s the
most satisfactory measure of revival; when cheap
money f a i l s to bring about r e v i v a l , there i s
more to be hoped from an open market p o l i c y . . .
Suggests that Heserve bank open market p o l i c i e s
in 1932 were never sufficiently appreciated.
HENDERSON, Sir Hubert D.
The trade cycle and the budget
outlook, LLOYDS BANK LTD MONTHLY REVIEW,
June, 1937.
Pp. 9.
Mifgins, Benjamin and Richard Musgrave:
Deficit Finance
The Case Examined
(edited by C. J. Friedrich and E. S. Mason,
Cambridge, Mass.: Grad. School
of Public Administration, 1941.
pp. 137-207
HUBBARD, Joseph C.
"The United States Federal Debt, with Special
Reference to Bank Holdings and Monetary Control,11 in
BUSINESS AND MODERN SOCIETY, ed. by Malcolm P. McNair
and Howard T. Lewis. Cambridge: Harvard Ifciiversity
Press, 1938.
HUBBABI), Joseph B.
Absorption o f the United S t a t e s Debt, THE REVIEW
OF ECONOMIC STATISTICS, Vol. XVIII, August, 1936, pp.
126-133.
KAHLER, A.
Government spending, i t s tasks and l i m i t s ,
SOCIAL RESEARCH, VI, May,
1939, pp. 194-206.
Author File
KAHLER, A.
Government Spending Its Task and Limits,
SOCIAL RESEARCH, VI,
May, 1939. pp. 194-206.
Pp. 13.
KEYNES, John Maynard
THE MEANS TO PROSPERITY. Nev York: Harcourt
Brace, 1933. Pp. 37.
Reviev:
by E. T. Grether, AMERICAN ECONOMIC REVIEW, XXIII,
June, 1933, pp. 347-49.
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KOENNING, R. F. and OSTERKAMP, K.
Die Schuldenpolitik der Vereinigten Staaten von
Amerika in der Krise, FINANZARCHIV, N. f. I, pp. 111-33.
LIPPMANN, Valter
The Permanent New Deal, THE YALE REVIEW,
June, 1935.
public spending program
Also published simultaneously in Svenska Handelsbanken,
INDEX, June, 1935, pp. 131-K5.
LITTMANN, Karl K.
Anti-cyclical objectives in Fiscal Policy,
FINANZARCHIV, Vol. U, 1953/54, pp. 531-363.
A 1st difficulty is believed to be the forecasting of
the bus cycle, and this diffictilty is increased by the
uncertainty of exactly detennining the tax incidence.
kur2. f
Harle^L.
rcJeim(
<Lepre$.%/of\ It fiat* 117 and
Ctf*? sec. veyce a
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//s
Rvs/Aj es-«s
L0V3 *^wkj ^
MORGENTHAU, Henry
"Federal Spending and the Federal Budgets,11
PROCEEDINGS of the Acadeny of Political Science, •. 17,
1938, pp. 534-542.
MOBGENTHAU, Heniy
"Federal spending and the federal budget,11
PROCEEDINGS of the AcadeBQT of Political Science,
Vol. 17,
1938, pp.
NATIONAL INDUSTRIAL CONFERENCE BOARD.
THE FEDERAL FISCAL EMERGENCY. New York, 1932.
Pp. xi, 84.
Review: by Richard ¥. Nelson, JOURNAL OF POLITICAL
ECONOMY, vol. 41, no. 5, Oct., 1933, PP- 709-11.
Factual study
NEWCOMER, Mabel
TAXATION AND FISCAL POLICY. New York:
Columbia University Press, 1940. Pp. vi, 89.
Review: by M. S. Kendrick, JOURNAL OF POLITICAL
ECONOMY, Vol. 50, Feb., 1933, pp. 137-8.
govt, fiscal policies and business
fluctuations
OLIVER, Henry M.
"Fiscal Policy, Employment, and the Price
Level, in FISCAL POLICIES AND THE AMERICAN ECONOMY,
ed. by K. E. Poole. New York: Prentice-Hall,
1951, PP. 99-157.
Problems relating to full-employment
government budget
PHILIP, Kjeld
Interest and public expnditure financed by the
Central Bank, REVIEW OF ECONOMICS & STATISTICS,
November, 1951*
7 pp.
Present Federal Reserve Policies, JOURNAL OF
FARM ECONOMICS, XX, February, 1938, pp. 302-309.
growth of federal debt and continued
deficit financing
Iff
National Industrial Conference Board
Public finance.
(In: The Conference Board
Bulletin, Nov.27,1936. )
Showing Federal debt held by banks,Federal
expenditure accounts,,taxes and realized income.
F.3.-Financ--Public debt
n
n
-Bev.& exp.
NATIONAL INDUSTRIAL CONFERENCE BOARD
THE FEDERAL DEBT AND THE
BANKS. (Confereixce Board Information S e r v i c e ,
Domestic Affairs Service, MEMORANDUM No. 3 9 .
New York,
1935.
NOGARO, B.
Creation of money as a means of financing
public expenditures, (in French) OPENBARE
FINANCIER No. 2,
1948.
pp. 6.
PHILLIPS, C. F . , and GARLAND, J . V .
GOVERNMENT SPENDING AND ECONOMIC RECOVER!.
1958.
Public debt management
POINDEXTER, J. Carl
Fallacies of Interest-free Deficit Financing,
QUARTERLY JOURNAL OF ECONOMICS,
May, 1944.
Wright, D. M.: Interest-free Deficit Financing:
A Reply, loc cit., August, 1944.
Poindexter, J. Carl: Interest-free deficit financing:
Rejoinder, loc. cit,, vol. 60, Nov., 1945, pp.
154-165.
Controversy arose from Wrights book
THE CREATION OF PURCHASING POWER, p. 156.
U.S. Treasury—Monetary
Powers and Actions
RICHTER- ALTSCHAEFFER, Hans
Volkswirtschaftliche Theorie der Offentlichen
Investitionen•
Review: by Gerhard Colm, JOURNAL OF POLITICAL ECONOMY,
vol. 45, Dec, 1937.
see Richter-Altsehaeffer, Hans* A Note on the *
"economics of public investment," loc cit., vol. 46,
June, 1938, pp. 414-16j
and reply by G. Colm, pp. 416.
BOBEY, Ralph y.
"Fiscal Policy and Credit Control," PROCEEDINGS
of the Academy of Political Science, Vol. XVII, No. 1,
May, 1936, pp. 10-17.
Fiscal policy and the control
of inflation
R«e*y, Ralpk H/-
Author File
°~ <**„,+ rf >A? A<J~.H of Potih<+4
pp. 10-17.
ROGERS, James Harvey
Government spending and the capital
market, ECONOMETRICA, Vol. 6, April, 1938,
p. 182 (abstract)
SELIGMAN, E. R. A.
The fiscal outlook and the coordination of public
revenues, POLITICAL SCIENCE QUARTERLY,
March, 1933.
SEVEN HARVAED AND TUFTS ECONOMISTS*
An Economic Program f o r American Democracy.
New York: Vanguard P r e s s , I n c . , 1938• Pp. 9 1 .
SHERE, Louis
Public Finance and Banking, Part VI, in THE
BANKING SITUATION. AMERICAN POST-WAR PROBLEMS AND
DEVELOPMENTS, ed. by H. P. Villis and J. M. Chapman.
New York, Columbia University Press, 1934, pp*785-910.
chap* XXXIV: The Debt Situation—Background, pp. 785-828
XXXV; Public Debt as a Bank Asset, pp. 829-867.
XXXVIj Public Debt as the Basis for Federal
Reserve Bank Credit, pp. 868-890.
XXXVII: Public Debt and Note Currency, pp. 891-910
Went!* Finances *n ihe ^"fr/*y ueccvb . AJcuJ
YflrK : OfilvmbiQ Vififenikf Press
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SIMONS, Henry C.
Hansen on F i s c a l P o l i c y , JOURNAL OF POLITICAL
ECONOMY, L, April 1942, pp. 161-196.
SIMONS, Henry C.
Hansen on F i s c a l P o l i c y , THE JOURNAL OF
POLITICAL ECONOMY, Vol. 50, A p r i l , 1942, pp. 161-196.
H«prm*e^
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Soc.erv.
Cfe«e*, o : D „ , u ^ i ^
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.
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SIMONS, Henry C.
Hansen on Fiscal Policy, JOURNAL OF POLITICAL
ECONOMY, Vol. 50, No. 2, April, 1942, pp. 161-196.
SIMPSON, Herbert D.
PUBCHASING PO¥ER AND PROSPERITY.
1936.
Chicago:
Government expenditures and
problem of unemployment
SIMPSON, Herbert D.
PURCHASING POWER AND PROSPERITY:
THE ECONOMICS OF RECOVERY. Chicago:
Press, Inc., 1936. Pp. ix, 149.
AN ESSAY IN
Foundation
Review: by H. H. Villard, JOURNAL OF POLITICAL ECONOMY,
Vol. 15, Aug., 1937, pp. 56$-50.
•creation' of mass purchasing power thru govt,
action: (1) lending to Europe after W.W. Ij
(?) govt, spending in recovery of thirties
SMITH, Dan T.
Economic consequences of d e f i c i t financing:
review, AMERICAN ECONOMIC REVIEW,
19a.
a
S4ITH, Dan Throop
DEFICITS AND DEPRESSIONS* New York: John Wiley &
Sons, Inc., 1936. Pp. vii + 264.
Review: by Gerhard Colm, JOUENAL OF POLITICAL ECONOMY,
Vol. 159 Aug., 1937, pp. 566-68.
by E. M. Bernstein, SOUTHERN ECONOMIC JOURNAL,
Vol. Ill, no. 2, Oct., 1936, pp. 227-9.
Relationship between Treasury financing and the
capital market.
Main part deals with government borrowing during depressions—limitations, difficulties
and dangers involved
SMITH, Dan Throop
DEFICITS AND DEPRESSIONS. New York: John Viley
& Sons, Inc., 1936. Pp. vii/264
Reviewed by Gerhard Colm, JPI, v. U5, Aug. 1937, pp.
566-68
relationship between Treasury financing and capital
market,
discussion of governmental bofrowing during depressions
Critical consideration of depression
deficits and of Treasury finance
SMITH, Dan Throop
Is Deficit Spending Practical?
REVIEV, XVIII,
1939-40.
HARVARD BUSINESS
SMITH, Dan Throop
DEFICITS AHD DEPRESSIONS. New York* Wiley,
1936.
264 PP*
i
The
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SUNDELSON, J. Vilner
The Emergency Budget of the Federal Government,
THE AMERICAN ECONOMIC REVIEW, XXIV, No. I, March,
1934, PP. 53-63.
Federal
Budget—reform
TAIT, D. C.
The Social Aspects of a Public Investment
Policy, INTERNATIONAL LABOUR REVIEW, January, 1944,
pp. 1-18.
VILLABD, Henry H.
DEFICIT SPENDING AND THE- NATIONAL INCOME.
New York: Farrar & Rinehart, 1941 •
compensatory govt. exps. to maintain
correct mone^flow, pp. 203-257
pump-priming and compensatory expenditures
working thru multiplier and accelerato to affect the money flow
pp. 117-148.
VILLARD, Henry H.
DEFICIT SPENDING AND THE NATIONAL INCOME.
Nev York: Farrar and Rinehart,
19a.
Pp. xviii + A29.
Beview: by Alfred Kahler,. JOURNAL OF POLITICAL ECONOMY,
v . 50, Feb., 1933, pp. 1 3 3 - 5 .
KUHN, LOEB & C0=
INVESTMENT BANKING THBOUGH POUR GENERATIONS,
New York: Kuhn, Loeb & Co*, c. 1955.
VARBURTON, Clark
The monetary theory of deficit spending, REVIEV
OF ECONOMICfiiATISfflCS.,K 5 I I , May
1$45, pp. 74-^4.
ARNDT, H. ¥*: Tfe* Mooatary Theory of Deficit Spending:
A Comnent on Dr. Clark Varburtonf8 Article,n
loc. cit, X H X , May 1946, pp. 90-4
WILLIAMS, John H.
"Deficit Spending," THE AMERICAN ECONOMIC
REVIEW, SUPPLEMENT, XXX, No. 5, February, 1941,
pp. 52-66.
WILLIS, H. Parker
Inflation or deflation: Their relation to
public finance, in CURRENT PROBLEMS IN PUBLIC
FINANCE. New York IMiversity Symposiua. Chicago:
Commerce Clearing House, Inc., 1955•
ViBIGETf Bavid McC*
THE CREATION OF PURCHASING POWBR* Cambridge;
Harvard University Press, 1942* Pp» £51
Review: by L* V- Chandler, AMERICAN ECONOMIC SEVIB?,
XXXIII, March, 1943, ??• 156-58.
Statistics, 1924-38 shoving volume of capital ex^Allur*
of central and local govt* units of G.B* end by serdpublic enterprises (rys*, electricity, shipbuilding)
that might easily be brought under close govt* onir*1
These expe* are compared vith total capital formation
and their fluctuations are compared vith private capital expenditures*
Gives estimates of tbe primaxy effect of public in
on national income ard employment plus less reliable
estimates of their secondary and tertiary effects
It discusses
UBIGHT, David McC.
THE CEEATIQN OF PURCHASING PO¥EP* Cambridge:
Harvard University Press, 1942 • Pp* 251*
by L. V. Chandler, iMEBICAN ECONOMIC REVIEW,
Review:
xmi
it ^ihdii^m^iSmmc
JOURNAL, VJII,
April, 1942, pp. 534-5by H. S. Ellis, JOURNAL OF POLITICAL ECONOMY,
Vol. LI, April, 1943, PP* 180-1•
Secular and cyclical deficiencies of purchasing pover
Considers various proposals for bolstering effective
money demand*
redistribution of income as means of raising the
propensity to consume
quantitative control of bank credit (Fisher1s
100£ reserve proposal; Berlefs proposal for
capital banks)
velocity stimulation
negative rates of interest
deficit financing
business subsidies
@FedFRASER