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- Title
ECONOMIC ASPECTS OF TERMINATION OF WAR CONTRACTS.
- Authors
Nemmers, Erwin Esser
- Abstract
This article discusses the phenomena of war contract termination in the U.S. and the resulting problems encountered by the country. The phenomena of war contract termination and the resulting problems of readjustment of production from a war-time basis to a peace-time basis and disposition of property on hand as a result of termination are matters of the first magnitude to economists. With an estimated 100,000 prime contracts and at least 1,000,000 significant subcontracts likely to be involved in the termination program, amounting to 50 to 150 billions in the contract price of items cancelled and 85 billions of Government- owned property, the tools of the professional economist can be applied to fertile ground in the readjustment program. The economic problems of mobilization, are less difficult than those of demobilization, particularly when mobilization occurs at a time when the economy is not at full employment. In mobilization the emphasis is more on production from the engineering-efficiency viewpoint. Costs are distinctly a secondary consideration. Civilian production that is not rated essential acts in an accordion fashion absorbing the fluctuation of essential production.
- Subjects
UNITED States; TERMINATION of war; DEFENSE contracts; COST effectiveness; ECONOMISTS; COST analysis
- Publication
Quarterly Journal of Economics, 1945, Vol 59, Issue 3, p386
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1884571