Economic Policy in the Twentieth Century

Abstract

A BROADSHEET, “Twentieth Century Economic Policy”, recently issued by PEP (Political and Economic Planning), directs attention to the need for guiding patterns to replace the one-sided patterns of laissez-faire and nationalism. The broadsheet largely summarizes the attempt to provide the essentials of such a pattern which are set forth in a memorandum prepared by Prof. N. F. Hall, director of the National Institute of Economic and Social Research. Measures adopted to maintain the volume of employment have checked improvements in the standard of living and new policies are required to raise the several national standards of living without in the process setting up intolerable strains. Recent scientific advances, moreover, justify the assumption that there is a minimum physiological standard of living which can be roughly measured and which is a necessary condition of progress in other directions. The satisfaction of minimum physiological needs can be set as an immediate goal for economic policies without sacrificing other values provided the methods adopted do not infringe individual freedom.