Word: waughs
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...There is a crying need for a few basic studies dealing in detail with the whole economy," Waugh stated. The machine, he continued, will enable us to make such extensive analysis because for the first time it will be possible to take into account the thousands of variables that influence the economy...
Referring to post-war studies of agricultural needs made by the department of Agriculture, Waugh urged the study of national clothing, housing, coal, steel, automobile, road, and school needs and the setting of production goals in these and other fields...
...make intelligent decisions about their economic future, citizens must know what the alternatives are, and the large-scale computer, Waugh states, can give us useful information about the alternatives...
Economic goals cannot be "static," the economist continued. The policy of one period naturally affects the following period. A high degree of investment now will bolster futur productive capacity. Temporary deficit financing may forestall a depression but will create unique problems, Waugh said...
What about timing? Can the mathematician, with the help of large-scale computers, help us to make intelligent choices and avoid alternate periods of boom and bust? Computers can, Waugh said, to the extent that they will help us to foresee the probable results of the various economic policies up for consideration...