Word: moultons
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Dates: during 1940-1949
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Economist Harold G. Moulton, president of the Brookings Institution, challenges this position in an important new book soberly titled Controlling Factors in Economic Development (397 pp.; the Brookings Institution, Washington, D.C.; $4). On the strength of 30 years of his own study and the institution's voluminous research, Moulton declares: 1) there is no known limit to the potential wealth of the world, and 2) there is no known method to assure economic stability...
Pleasure Boats & Violins. Potentially, says Moulton, the natural resources and the productive capacity of the U.S. could, in the year 2049, support a population of 300 million at a standard of living eight times as high as today's. In this bright future, each American would spend eight times as much as he does today for food, 16 times for housing, 20 times for clothing, and 33 times for recreation and travel...
...supply these things, America's factories and mines would have to produce between five and ten times as much as today, and its farms almost three times as much. Moulton points out that, even with present knowledge, vast new areas can be brought under cultivation, swamps and deserts reclaimed; he believes that certain crops could be raised in the fertile bed of the ocean. Fertilizers could increase farm output as much as the "discovery of a sixth continent...
...Brookings Institution's President Harold G. Moulton took a look at prospects for 1949 and liked what he saw: "A well-sustained level of national production and employment; a moderate decline in the cost of living; continued but abortive efforts at credit control; an expansion of Government expenditures for social and defense programs; [and] higher wages." Farm prospects would be dimmed by "a further decline in agricultural prices," and corporations would face increased taxes. But an increase in crops might prevent any real drop in farm incomes, said Moulton, and lower farm prices would "afford real relief for those...
This will be a return visit to the Continent for Miss Moulton. She was abroad...