Tltis lectune is thesecond,ofthreeinaseri,esenti,tledProposalslorEconomicRecoaery,arranged,bgth"eUniuersity in cooperati.onuith certainrepresentatiueciti,zensof Minneapolisond,St. PauI.It utasd,eliperedin Nortltrop Memoria,lAudi,torium,onFebrurwyp0,1933, bgDr. JacobYiner,protessorofecononh,s,intlw UniaersityofChicago,specialerpertJortheUnitedStatesTariffCom.rruissionand, United,StatesShippingBoard,,1916-19;corwuJtanteconomistfortheUnitedStates TariffContrnission,7g1g-20;oi"tit-ingprofessor,GradtnteInsti,tuteof InternationalStudies,Geneaa, Suitzednnd,1gS0-S1and,1933-3/t.
COPYRIGET 1933BY TEEUNTVERSITYOr. MINNESOTAPRINTEDINTHE UNITEDSTATESOF AMERICA
Balancedeflation, nflation,
orMore Depression
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HATtheexistingeconomic situation isdesperatelybad isnotsubject toquestion.Whetherit is holdingitsownortirrgworse; vhetherhere s anythingthatcanbe doneaboutt.anclf sorvhat; what rvillbethe outcomeifconditions donotnlploventhenear future;thesearequestionsthateveryone ising.but to x'hich themostcompetentpersonscangivebutialandqualifiedanswers. Nevertheless,publicopinion,then onthe street,villplal'.andhas alreadl'played,an impor-partin deciding n hether anythingshallbe done, andif so'hat.Thecrowd,itistrue, neverrvorksout a definite andde-program,but in ademocraticcountr;', andespecially nabsencefgreatleaders, t does, by itsfavorableorhostilesule, influence thedirectionpolicyshall take.Thereis noshortageof advice, eitherfor thegovernmentorthepublic.The difficulty is rather that of choosing fromngthemultitude ofcounsels. Economists shouldbebestippedtogivesound advice, since almost alone of allgroupstheyhavenospecial axetogrind,andsincealso almostaloneofgroupshey have specially devoted themselves tothetaskof'ttrdyingeconomicphenomenafrom thepointofview of thegen-publicinterest. The economist,however-unfortunately, I
ieve,orthis countryhas ittleprestigewith theAmerican
ruoltc,evenonthose subjectsouwhich healonehasexperttlowledge,and thepublic preferstotakeitseconomicsfrompereditors,politicians,bankers, andmenwhoin happierwereable toaccumulate orinherit a million dollarsorIconcedethatthe economist is not wholly without a
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