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- Title
FULL USE OR UNDERUTILIZATION: APPRAISAL OF LONG-RUN FACTORS OTHER THAN DEFENSE.
- Authors
Fellner, William
- Abstract
The article analyses the performance of the U.S. economy as regarded to proper utilization of long-run factors. The author agrees that the U.S. military and foreign aid expenditures are mainly tax-financed and that a hypothetical American economy with much lower government spending would also be an economy with a much lower tax burden. The author focuses on the propositions such as, a private enterprise system can function satisfactorily only if the character of technological and organizational improvements in it adjusts to the requirements of the system, in the framework of a response mechanism. That, there exist many environmental factors which distinguish the present period from the nineteenth century and the early part of the twentieth. A system of responses that performed satisfactorily in the past may not so perform in the future. However, environmental factors were changing throughout the nineteenth century, without serious damage to the improvement-mechanism which kept the system going.
- Subjects
UNITED States; 20TH century United States economy; UNITED States economy; MILITARY budgets; TECHNOLOGICAL innovations; GOVERNMENT financial institutions; ORGANIZATIONAL change; FREE enterprise; PUBLIC spending; ECONOMIC development
- Publication
American Economic Review, 1954, Vol 44, Issue 2, p423
- ISSN
0002-8282
- Publication type
Article