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852d Session*8} JOIN T C O M M ITTEE PRIN T ECONOMIC POLICY QUESTIONNAIRE T A B U L A T IO N O F R E P L IE S SU B M IT T E D TO T H E SU B C O M M IT T E E ON ECO N O M IC S T A B IL IZ A T IO N OP T H E JOINT ECONOMIC COMMITTEE C O N G R E SS O F T H E U N IT E D S T A T E S D E CEM BER 1958 Printed for the use o f the Joint Economic Committee UNITED STATES GOVERNMENT PRIN TIN G OFFICE 34906 W ASH INGTON : 1039 For sale by the Superintendent of Documents, U.S. Government Printing’Office Washington 25, D.C. - Price 15 cents JOINT ECONOMIC COMMITTEE (Created pursuant to sec. 5(a) of Public Law 304, 79th Cong.) W RIGH T P A TM A N , Representative from Texas, Chairman JOHN SPARKM AN , Senator from Alabama, Vice Chairman HOUSE OF REPRESEN TATIVES SENATE R IC H A R D BOLLING, Missouri HALE BOGGS, Louisiana H E N R Y S. REUSS, Wisconsin H E N R Y 0 . TALLE , Iowa THOM AS B. CURTIS, Missouri CLARENCE E. KILBU RN , New Y PAUL H. DOUGLAS, Illinois J. W . FU LBRIGHT, Arkansas JOSEPH C. O M AHON EY, Wyoming RALPH E. FLANDERS, Vermont AR TH U R V. W ATKINS, Utah o r k -----------------R o d e r ic k H . R il e y , Executive Director J o h n W . L e h m a n , Clerk S u b c o m m itte e o n E c o n o m ic S t a b iliz a t io n W RIGH T PATM AN, Texas, Chairman H E N R Y S. REUSS, Wisconsin JOSEPH C. O’M AHONEY, Wyoming CLARENCE E. KILBURN, New York RALPH E. FLANDERS, Vermont W illiam H. M o o r e , Economist II LETTERS OF TR AN SM ITTAL D ecem ber 31, 1958. To Members of the Joint Economic Committee: Transmitted herewith is a tabulation of replies to the economic policy questionnaire sent out in September 1958 by the Subcommittee on Econom ic Stabilization. The tabulation is presented to provide members of this committee, Members of Congress, and other interested governmental officials with a canvass o f professional opinion concerning issues of economic stabilization and related banking policies. , W r ig h t P atm an , . Chairman Joint Economic Committee D Hon. W r ig h t , P atm an ecember 31, 1958. , Chairman Joint Economic Committee, House of Representatives Washington D.C. , , Transmitted herewith is a tabulation of the replies to the economic policy questionnaires. These questionnaires were sent out in September 1958 by the Subcommittee on Econom ic Stabilization to an estimated 1,500 economists in 150 universities. R o d e r i c k H. R i l e y , D ear M r . P atm an : . Executive Director m ECONOMIC POLICY QUESTIONNAIRE, OCTOBER 1958 The Joint Economic Committee through its Subcommittee on Econom ic Stabilization has, by questionnaire, secured the professional views of economic experts at colleges and universities 011 a number of questions of current economic polic 3r. These were designed to cover not only key issues related to stabilization, but also certain related banking questions. The economic policy questionnaire was mailed on September 10, 1958, and replies received through October 31 were tabulated. The questionnaire was distributed in the first instance by sending a supply of forms to the heads of economics departments in 150 insti tutions granting higher degrees in economics, with the request that tjie questionnaire be distributed to individual faculty members of the respective departments. The list of institutions canvassed was com piled from data published by the Office of Education, Department of Health, Education, and Welfare; all the 49 States, the District of Columbia, and Hawaii were represented. The coverage of the inquiry and its results is evidenced by the number and geographical distribution of the responses received. B y the closing dote, G15 completed questionnaires had been returned from all parts of the Nation. These constituted about 40 percent of the number of economists that it is estimated were reached through department heads. The committee recognizes the difficulties of answering economic policy questions categorically. As a matter of practicality, however, the questions were nevertheless put in multiple-choice form, so that a minimum of time would be required of the individual respondents and summarization of the results would be facilitated. I 11 addition to the direct answers which lent themselves to tabulation, man}" respondents accepted the subcommittee’s invitation to make qualifying and amplifjring statements. In general, the answers have been tabulated as marked, with note taken of the .coniments and reservations. Comments have not been treated as affecting the answer unless, as in a few cases, the qualifica tions seemed to invalidate or contradict the answer indicated in the multiple-choice boxes. The letters sent to departmental chairmen, the questionnaire itself, and a list of the universities contacted are reproduced in the appendix. The committee is appreciative of the public spirit of the economists who gave time and effort to this study. It is of course understood that views summarized in the tabulations are those of the responding economists, and do not necessarily reflect the views of the subcom mittee or its individual members. 1 TABULATION OF REPLIES TO ECONOMIC POLICY QUESTIONNAIRES* 1. The Em ploym ent A ct of 1946 contemplates, either explicitly or b y implication, several objectives of public policy. Success in the achievement of any of them may on occasion necessitate some sacrifice in attainment of another. Recent discussion has focused on the problem of reconciling “ maximum employment” with maintaining stability of the general price level.' A. D o you believe it feasible to achieve simultaneously both rela tively high employment and relatively high stability of the general price level? Yes No No response Total Num Per Num Per Num Per Num Per ber cent ber cent ber cent ber cent In the short run?___ _______. ___. . . ______________ . . . In the long run?--._______ ____________________ 369 450 60.0 73.2 222 151 36.1 24.6 24 14 3.9 2.3 615 615 100.0 100.0 If your answer is “ Y es,” you m ay wish to indicate the maximum level of unemployment (seasonally adjusted) that you would be prepared to accept, if necessary, as a condition for achieving a high degree of price stability: Maximum level of unemployment as percent of labor force Number * Percent Under 3 percent-_____________________________________ _____ __________ 3 percent and under 4 percent______________________________ ____________ 4 percent and under 5 percent-. . . ______________________________________ 5 percent and under 6 p erce n t-.-----—. . . . . . . . . . . . . . . 6 percent and under 7 percent__ ____________________ ____________________ 7 percent and under 8 percent___ ___ - _______________________________ __ 8 percent and under 10 percent_______ —_______ -____ _________ ___________ 10 percent______ ___ _______ . _________j _________________________ ______ 11 percent through 20 percent_________ - _______________ - ________________ 18 77 92 151 61 21 23 19 3 2.9 12.5 15.0 24.6 9.9 3.4 3.7 3.1 .5 Total responses______ ____________ ____ ___ _____ - __ ________ __ . . . ___ __ ____ _______________ No response. __ ____________________________ 465 150 ,75.6 24.4 Grand total________ _____________ . . . __ ___ . . . ___ ________ ____ _ 615 100.0 Y ou may wish also to indicate what in your judgment constitutes a satisfactorily “ high degree of price stability” : Maximum yearly price change Number Percent Under 1 percent__ -__ - - - - __ - _______________________________- ________ — 1 percent and under 2 percent__ _____ . . . . . . . . ____ __________________ ___ 2 percent and under 3 percent________________ _____ _____________________ 3 percent...___ . . . . . . __ . . . __ -__ -__ _________ ____ ______________ - _____ 4 percent. . . . _____________________ ______ ____________ __ ___ ___ _. . 5 percent__ - ___ ____ ___ ___ ______ _________ ___ _________________ ____ _ 6 percent through 10 percent..... . ______- __ _______ ____ ______ . . . . . . _____ 26 82 74 48 12 20 12 4.2 13.3 12.0 7.8 2.0 3.3 2.0 Total responses . . . . . . _____. . . __ _____ __ _. . . _______ . . . . . . . . . No response or not tabulated 1____ ___ ____ _. . . . _____ . . . ____ ____ 274 341 44.6 55.4 Grand total__ ____ ______________ ______ . . . _____ ____ . . . . . . . 615 100.0 1Includes, in addition to no response, essay-type responses and those relating solely to the long run. •Detail in the tables may not add to totals because of rounding. * S 4 ECONOMIC POLICY QUESTIONNAIRE B. If these two objectives are not, in your opinion, fully compatible, please indicate which, over the long run, you believe should be given the greater emphasis: Number Percent .Maximum employment Price stability............... No response......... ......... 329 113 173 53.5 18.4 28.1 TotaL................... 615 10 0 .0 C. D o you believe that standby authority for direct controls should be available in order to assure sustained high employment combined with high stability of the general price level? Number Percent Yes__________________________ ____ _____ _____ ____ ______ ____ ____ __ N o ........................................................................................................................ No response__________________________________________ ______ __________ 413 187 15 67.2 30.4 2.4 Total...................................... ..................... .............................................. 615 100.0 If your answer is “ Yes,” please indicate which types of controls you favor— Number Of business investment................................ ..................................................... Of consumer credit____ _______________ _________________________________ Of prices_______ _______ __ _______________________ __ ______ ___________ Of wages........... .................................... ...................... .................... ................... Percent of total answer ing “ yes” 47.7 93.0 44.1 43.3 197 384 182 179 If 3^our answer is “ Y es,” do you think that the strengthening of competition (through vigorous antitrust and related policies) could be expected— Yes No No response Total Num Per Num Per Num Per Num Per ber cent ber cent ber cent ber cent To reduce the need for such direct controls?............... To eliminate such need?.........» .................................... 250 13 60.5 3.1 136 270 32.9 65.4 27 130 ,6.5 31.5 413 413 100.0 100.0 5 ECONOMIC POLICY QUESTIONNAIRE 2. A. In its anti-inflationary actions of recent years, how would you characterize the Federal Government’s use of the following basic policies? Too little Enough Too much No re sponse ' Total Num Per Num Per Num Per-* Num Per Num P er-. ber cen t ber cent ber tcentj ber cent ber cent, Tax increases (either new or continued). Expenditure limitations......................... Monetary tightness................................ Appeals for voluntary restraint over wage and price increases..................... 376 303 158 61.1 49.3 25.7 183 199 .310 29.8 32.4 50.4 29 71 117 4.7 11.5 19.0 27 42 30 4.4 6.8 4.9 615 615 615 100.0 100.0 100.0 157 25.5 163 26.5 222 36.1 73 11.9 * 615 100.0 B. In its anti-recessionary actions during recent months, how'would you characterize the Federal Government’s use of these policies? Too little Enough Too much No re sponse Total Num Per Num Per Num Per Num Per Num Per ber cent ber cent ber cent ber cent ber cent Tax reductions........................................ Expenditure acceleration and increases. Monetary ease........................................ 339 224 125 55.1 36.4 20.3 235 272 429 38.2 44.2 69.8 14 98 41 2.3 15.9 6.7 4.4 3.4 3.3 27 21 20 615 615 615 100.0 100.0 100.0 3. A. In the control of inflation, a combination of policies m ay be called for and varying emphasis be appropriate under different cir cumstances. If you believe, however, that as a general proposition reliance or preference should be placed more heavily on one type of policy than another, please indicate: \ X o general rule________________________________________________________ Tabulated............................................................................................................ Not tabulated 1............................ ........................................................................ Total......................................................................................................... Number Percent 165 209 241 26.8 34.0 39.2 615 100.0 Primary emphasis Number Percent (leneial rule as follows: Tax policy________________________________________________________ Expenditure policy_________ ___________________ ____________________ Monetary policy____ ______________ ___ __ _________________ Direct control___ ...___________ - ____ . . . . . . . . ____________________ 55 23 118 13 26.3 11.0 56. 5 6.2 Total___'__________________________ . . . . __________________________ 209 100.0 1 No response was tabulated in which more than 1 primary emphasis was indicated. These included 80 responses in which primary emphasis was placed on both tax policy and expenditure policy. In these cases the respondents may have intended to indicate that they considered these as inseparable aspects of fiscal policy; if so, then a total of 158 out of 289, or 54.7 percent, placed primary emphasis on some combina tion of tax and expenditure policies. 34906— 59 .... . 2 6 ECONOMIC POLICY QUESTIONHAIBE B. Do you believe: That “ tight m oney” served to dampen inflation during 1955-57? Number Peroent Yes......................................................................................................................... No......................................................................................................................... No response___________________________________________________________ 459 130 26 74.6 21.1 4.2 Total............................................................................................................ '615 100.0 That, by adding to costs, or otherwise, “ tight money” may have contributed to rising prices? Number Percent Yes................ J............................................................................................... . N o.........................................1................... .......................................................... No response................... ...................................................................................... IDS 430 77 17.6 69.9 12.5 Total........................................................................................................... 615 100.0 C. Do you believe that in recent years rising prices have resulted in significant part from a tendency of real wage increases to exceed the rise of productivity? Number Percent Yes......................................................................................................................... N o_____________________ ____ ________________ ___ ____ _______ _________ No response_________________________________________________ ___ ______ 310 250 55 50.4 40.7 8.9 Total i.......................................................................................................... 615 100.0 i M any respondents answering this question interpreted it as referring to the rise of wages, as the term Is ordinarily used, rather than of deflated or real wages. In several eases, indeed, this wasmade explicit and in a large number of others no other interpretation was.consistent with the comments that were added. 4. A. In the exercise of monetary policy, Federal Reserve authorities may utilize three interrelated techniques. Please indicate your ap praisal of the use. made of these in actions taken in recent years to check inflation: Under utilized Appropriate utilization Over utilized No response Total Num Per Num Per Num Per Num Per Num Per ber cent ber cent ber cent ber cent ber cent Open-market operations......................... Reserve requirements............................. Discount rate.......................................... 234 214 87 38.0 34.8 14.1 297 308 319 48.3 50.1 51.9 22 28 147 3.6 4.6 23.9 62 65 62 10.1 10.6 10.1 615 615 615 100.0 100.0 io a o 7 ECONOMIC POLICY QUESTIONNAIRE B. Please indicate your appraisal of the use made of these tech niques to check the current recession and promote recovery: Under utilized Appropriate utilization Over utilized No re sponse Total Num Per- Num Per Num Per Num Per Num Per ber cent ber cent ber cent ber cent ber cent Open-market operations......................... Reserve requirements............................. Discount rate.......................................... 216 178 106 35.1 28.9 17.2 309 332 344 50.2 54.0 55.9 12 30 92 2.0 4.9 15.0 78 75 73 12.7 12.2 11.9 615 615 615 100.0 100.0 100.0 5. Please check whichever of the following statements most closely corresponds to your opinion: Number ' In using open-market operations to influence long-term interest rates, Federal Reserve authorities— Should limit themselves exclusively (except in correcting “ disorderly markets” ) to purchase and sale of Treasury bills..................................... Should follow a flexible policy as regards securities dealt in, varying the types as circumstances may require.......................................................... Should subordinate other considerations to “ pegging” the Government bond market (as was done prior to 1951).................................................. No response.................. - .............- ................................... .....- .... ................ Total............................................................................................................ Percent 46 7.5 523 85.0 14 32 2.3 5.2 615 100.0 6. D o you favor— Yes No No response Total Num Per Num Per Num Per Num Per ber cent ber cent ber cent ber cent Permitting banks to pay interest on demand de posits?.................................................................. Requiring banks to pay interest on Government de posits? ......................... ............................................. Restoration of free domestic exchange of dollars for gold— Soon?....................................................................... Ultimately?............................................................ 257 41.8 285 46.3 73 11.9 615 100.0 194 31.5 331 53.8 90 14.6 615 100.0 36 49 5.9 8.0 505 474 82.1 77.1 74 92 12.0 15.0 615 615 100.0 100.0 8 ECONOMIC POLICY QUESTIONNAIRE 7. A. Are there important inadequacies of banking facilities with respect to— Nationally Yes No No response Total Num Per* Num Per Num Per Num Per ber cent ber cent ber cent ber cent Business needs?.... ........................................................ Broad public interest?....... - ........................ ............... Assuring adequate competition?.................................. 126 161 164 20.5 26.2 26.7 57.1 50.1 48.6 351 308 299 138 146 152 22.4 23.7 24.7 615 615 615 100.0 100.0 100.0 N615 615 615 100.0 100.0 100.0 Locally or regionally Business needs?........... ................................................ Broad public interest?.............................. .................. Assuring adequate competition?.................................. 222 189 251 36.1 30.7 40.8 202 211 169 32.8 34.3 27.5 191 215 195 31.1 35.0 31.7 B. If “ Yes,” are these due to— Nationally Yes No No response Total Num Per Num Per Num Per Num Per ber cent ber cent ber cent ber cent Lack of sufficient number of banks?............................ Lack of sufficient banking outlets (including branches)?...................................... ........................... Lack of sufficient banking capital?.............................. Tendency of bankers to hold riskless assets (Govern ment and Government-guaranteed bonds and loans) rather than to function as enterprisers meet ing local banking needs................................... ......... 32 13.2 122 50.4 88 36.4 242 40 31 16.5 12.8 106 111 43.8 45.9 96 100 39.7 41.3 242' 100.0 242 100.0 149 61.6 44 18.2 49 20.2 242 100.0 100.0 Locally or regionally Lack of sufficient number of banks?............................ Lack of sufficient banking outlets (including branches)?.................................................................. Lack of sufficient banking capital?.............................. Tendency of bankers to hold riskless assets (Govern ment and Government-guaranteed bonds and loans) rather than to function as enterprisers meet ing local banking needs?................................... ........ 99 32.1 114 37.0 95 30.8 m 100.0 110 90 35.7 29.2 96 105 31.2 34.1 102 113 33.1 36.7 308 308 100.0 100.0 200 64.9 47 15.3 61 19.8 308 100.0 A PP EN D IXE S APPENDIX A Congress! of tfje tlm'teb states J O I N T E C O N O M IC C O M M IT T E E SU B C O M M ITTEE ON ECONOM IC STABILIZA TION Septem ber 1958 (Iteturn requested by O ctober 10) ECONOMIC POLICY QUESTIONNAIRE This questionnaire relates to selected aspects o f econom ic policy in which the Su b com m ittee on E conom ic Stabilization is particularly interested. It w ill be very helpful to the Com m ittee in the discharge o f its responsibilities under the E m ploym ent A c t o f 194G if it can secure, even in the necessarily general term s provided by the questionnaire, an indication o f the consensus o f professional opinion o f university and colleg e econ o m ists on these m atters. It is intended to publish a sum m ary o f the results o f the questionnaire, and each participant w ill rccciv e a cop y . this purpose. A card is attached fo r entering name and address fo r Identification by nam e on page 4 o f this questionnaire is, o f course, entirely optional. I f any o f the follow in g questions is so w orded that none o f the alternatives seem s to offer you a sa tisfa ctory choice or if, fo r any reason, y ou do not feel in position to • answ er it, plcaBe use the space provided on pages S and 4, either to indicate thin fa ct or to explain your view m ore fully. The Employment Act of 1916 contemplates, cither explicitly or by implication, several objectives of public policy. Success in the achievement of any of them may on occasion necessitate some sacrifice in attainment of another. Recent discussion has focused on the problem of reconciling “ maximum employment” with maintaining stability of the general price level. A. Do you believe it feasible to achieve simultaneously both relatively high employment and relatively high stability of the general price level: Yes No In the short ru n ?............................................................................................................ □ □ In the long ru n?............................................................................................................... □ □ If your answet is “ Yes,” you may wish to indicate the maximum level of unemployment (season ally adjusted) *that you would be prepared to accept, if necessary, as a condition for achieving a high degree of pricG stability: ...................percent of the labor force. You may wish also to indicate what In your judgment constitutes a satisfactorily “ high degree of price stability” : .....................................................................- .................... —.......................................... these two objectives are not, in your opinion fully compatible, please indicate which, over .the long fun, you believe should be given the greater emphasis: IS. I f Maximum employment............................................................................................................... □ Price stability.............................................................................................................................. □ 11 12 ECONOMIC POLICY QUESTIOX.VAIKE 1. C. I)o you believe that standby authority for direct controls should be available in order to assure sustained high employment combined with high stability of the general price le v e l? ....................................................................................................................................... If your answer is “ YES,” please indicate which types of controls you favor— □ ,\’o □ □ □ □ □ Yes □ □ □ □ Of business investment.................................................................................... Of consumer credit........................................................................................... Of prices............................................................................................................ Of wages............................................................................................................ If your answer is “ YES," do you think that the strengthening of competition (through vigorous antitrust and related policies) could be expected: To reduce the need for such direct controls?................................................................ To eliminate such need?............................................................................ .................... 2. A. In its anti-inflationary actions of recent years, how would you characterize the Federal Government's use of the following basic policies? Too LittU r'tiniinh Enou0h Too Mueh □ □ □ □ □ □ □ □ □ □ □ □ I?. In its anti-recessionary actions during recent months, how would you char acterize the Federal Government’s use of these policies? □ □ □ □ □ □ □ □ □ varying emphasis be appropriate under different circumstances. If you believe, however, that as a general proposition, reliance or preference should be placed more heavily on one type of policy than another, please indicate: No general ru le........................................................................................................................... General rule as follows: □ Primary Secondary Limited Emphasis Emphasis Emphasis Tax policy........................................................... • • •'............... Expenditure policy............................................ ........................ Monetary p o lic y ............................................... ........................ Direct control..................................................... .................................. □ □ □ □ □ □ □ □ □ □ □ i—i (Specify types of direct control........................ 13. Do you believe: That “ tight money" served to damp inflation during 1955-7)7?.................................. That, by adding to costs, or otherwise, “ tight money” may have contributed to rising p rices?.................................................................................................................. C. I)o you believe that in recent years rising prices have resulted in significant part from a tendency of real wage increases to exceed the rise of productivity?.............................. If so, during what period do you believe this tendency has prevailed?.................. Yes No □ □ □ [~] □ □ ID.......-19....... ■1. A. In the cxercisc of monetary policy, Federal Reserve authorities may utilize three interrelated tech niques. Please indicate your appraisal of the use made of these in actions taken in recent years to check inflation: Under Appropriate utilized □ utilisation □ □ n □ □ O rw utilised □ □ □ 13 ECONOMIC POLICY QUESTIONNAIRE B. Please indicate your appraisal of the use made of these techniques to UndermAppropriate Overcheck the current recession and promote recovery: utilized utilization utilized Open-market operations . . . . . . . . . ............................. .. □ □ □ Reserve requirements...................................................................... □ □ □ Discount r a t e .................................................................................. □ □ □ 5. Please check whichever of the following statements most closely corresponds to your opinion: In using open-market operations to influence long-term interest rates, Federal Reserve authorities: " Should limit themselves exclusively (except in correcting “ disorderly markets” ) to pur chase and sale of Treasury bills............................................................................................. Should follow a flexible policy as regards securities dealt in, varying the types as cir cumstances may require............................. .......................................................................... Should subordinate other considerations to “ pegging” the Government bond market (as was done prior to 1951)....................................................... ........................................ .. □ □ □ 6. Do you favor: Permitting banks to pay interest on demand deposits?.................................................... Requiring banks to pay interest on Government deposits? . ................................... . . . Restoration of free domestic exchange of dollars for gold: S o o n ?...................................................................................................... ....................... U lt im a t e ly ? ............................................................................... ............................... Y<* No □ □ □ □ □ □ □ □ 7. A. Are there important inadequacies of banking facilities, with respect to : Nationally Yes No Business n eeds? ........................................................................................................... , □ □ □ Locally or regionally No Yen Assuring adequate competition?.................................................. □ □ □ If “ Yes,” are these due to: Lack of sufficient number of banks? .............................................................. Lack of sufficient banking outlets (including branches) ? . . . . □ □ □ □ □ □ □ Tendency of bankers to hold riskless assets (Government and Government-guaranteed bonds and loans) rather than to func tion as enterprisers meeting local banking needs? ............................. □ □ □ □ □ □ □ □ □ ' □ □ □ □ □ □ Qualifying or amplifying comment. (Please key by number to relevant question. Are there any addi tional questions that you regard as especially pertinent to this general inquiry? If so, please include them below.) APPENDIX B C ongress of t iie J o in t E U n it e d c o n o m ic States, C o m m it t e e , September 10, 1958. This letter is addressed to you as head of the department of eco nomics in one of 150selected universities and colleges, representing cvcrjr State of the Union. The Subcommittee on Economic Stabilization of the Joint Economic Committee is interested in getting the opinion of academic economists with respect to specific questions of economic policy. Enclosed are copies of an economic policy questionnaire, which we ask that you distribute to the individual members of your department. We hope each of them will find it possible to help us by giving the questionnaire early attention. The questions have been put in the form of multiple choice, so that a minimum of time will be required on the part, of each respondent, and, incidentally, to facilitate tabulation of the results. As 3*011 will see, however, space has also been provided for statements to qualif\r or amplif3r the respondent's views. The subcommittee will greath* appreciate \*our cooperation and that of other members of 3’our department in making this canvass of opinion as complete as possible. Should the enclosed supply of questionnaires be insufficient to canvass 3Tour department, please let me know how many* more 3rou need. Sincereh' j'ours, W r ig h t Pa t m a n , Chairman, Subcommittee on Economic Stabilization. C ongress of t iie J o in t E U n it e d c o n o m ic States, C o m m it t e e , October 7, 1958. In a recent letter I asked 3’our aid in helping the Joint Econom ic Committee canvass, lnT questionnaire, the views of academic economists, including those in 3-our department. As of M onday,'O ctober 0, over 400 questionnaires had been received from economists in institutions in 47 States and the District of Columbia. The closing date for returning the questionnaires is October 10 , but it will be possible for questionnaires received shorth’ after that date to be included in the final tabulation. M a 3r I ask you to remind members of 3Tour department who have not already responded to do so promptly, so that all who intend to respond ma 3* have their answers included in the tabulation? Sineereh-, W r i g h t P a t m a n , Chairman. D ear P rofessor: 15 APPENDIX C IN STITU TIO N S C O N TACTED A L o u is ia n a labam a University of Alabama A Louisiana State University and A. & M . College Tulane University of Louisiana laska University of Alaska M A r iz o n a A rkansas University of Arkansas California Stanford University University of California, Berkeley University of California, Los Angeles University of Southern California C olorado M M University of Connecticut Yale University * , University of Delaware D is t r ic t of C o l u m b ia 'American University Catholic University" of America Georgetown University George Washington University Howard University M Florida State University University of Florida University of Miami e o r g ia Emory University University of Georgia H a w a ii University of Hawaii I daho C o lle g e o f Id a h o I l l in o is Bradley University Northwestern University University of Chicago University of Illinois I n d ia n a Indiana University Purdue University University of Indiana Iowa M ansas University of Kansas K entucky University of Kentucky in n e s o t a St.^Olaf College University of Minnesota M is s is s ip p i M is s o u r i University of Mississippi ' St.'Louis University University of Missouri Washington University M ontana N ebraska Montana State University * University of Nebraska N evada N ew University of Nevada H a m p s h ir e Dartmouth College University of New Hampshire Iowa State College State University of Iowa K ic h ig a n " Hope College Michigan State University of Agricul ture and Applied Science University of Michigan Wayne University F l o r id a G assach usetts Amherst College • Boston College Boston University Brandeis University Clark University College of the Holy Cross Harvard University Mount Holyoke College Smith College Tufts University University of Massachusetts Wellesley College C o n n e c t ic u t elaw are aryland Goucher College Johns Hopkins University University of Maryland Colorado State University University of Colorado University of Denver D a in e Bates College Bowdoin College Colby College University of Maine University of Arizona N ew Je r se y Princeton University Rutgers University * Stevens Institute of Technology 17 18 ECONOMIC POLICY QUESTIONNAIRE P e n n s y l v a n i a — Continued N e w M exico University of New Mexico University of Pennsylvania University of Pittsburgh N e w Y ork Brooklyn College Colgate University Columbia University Cornell University Fordham University Hamilton College Hofstra College Hunter College . New School for Social Research New York University Queens College * R I slan d Brown University South C a r o l in a University of South Carolina S outh D akota South Dakota State College University of South Dakota T ennessee University of Tennessee Vanderbilt University T Syracuse University Union College and University University of Buffalo University of Rochester Yassar College N orth C aro lina D uke University University of North Carolina N orth D ako ta U niversity of North Dakota O hio A ntioch College exas Agricultural and Mechanical College of Texas Baylor University Southern Methodist University Texas College of Arts and Industries University of Houston University of Texas Utah Brigham Young University University of Utah Utah State University Bowling Green State University Oberlin College Ohio State University Ohio University Ohio Wesleyan University University of Akron University of Toledo Western Reserve University V erm ont V ir g in ia Middlebury College University of Richmond University of Virginia Washington and Lee University William and Mary College W ashington Gonzaga University State College of . Washington University of Washington W est V irginia Oklahom a Oklahoma A. & M. College University of Oklahoma O regon West Virginia University Reed College University of Oregon W is c o n s in Beloit College Carroll College Lawrence College Marquette University University of Wisconsin University of Wisconsin— Milwaukee P e n n s y l v a n ia Bryn Mawr College Bucknell University Carnegie Institute of Technology Duquesne University Pennsylvania State University Swarthmore College Temple University hode W y o m in g University of Wyoming o
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