TITLE

A CONSERVATIVE'S IDEAS ON ECONOMIC REFORM

AUTHOR(S)
Carver, Thomas Nixon
PUB. DATE
November 1960
SOURCE
Quarterly Journal of Economics;Nov60, Vol. 74 Issue 4, p536
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article focuses on several conservative ideas on economic reform. If the question is asked, as it will be, who will do the rough work of the country if everyone is educated, the answer is that people will have to pay more to get the rough work done. That is the aim and purpose of the whole plan, which is to abolish mass poverty. If the price rises as fast as wages are increased, the workers cannot buy any more than formerly. Second, the rest of the consumers, whose incomes have not been increased, cannot buy as much as before. Therefore fewer goods will be bought, fewer workers employed and unemployment will increase instead of decreasing. This is a sufficient explanation of the fact that unemployment increases as wages are forced upward faster than production per worker increases. Saving and investing alone, however, will not be enough to lift those backward countries out of their poverty. There must be scientists and inventors to show them what to do with their savings. Without inventors to use capital, no one would know what to do with the stuff and capital would be a drug on the market.
ACCESSION #
7697706

 

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