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A Further Comment on Wage-Price Policy

Published online by Cambridge University Press:  07 November 2014

M. W. Reder
M. W. Reder*
Affiliation:
The University of Pennsylvania
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Type
Notes and Memoranda
Information
Canadian Journal of Economics and Political Science/Revue canadienne de economiques et science politique , Volume 15 , Issue 2 , May 1949 , pp. 206 - 210
Copyright
Copyright © Canadian Political Science Association 1949

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References

1 Higgins speaks of the marginal propensity to “spend,” but from the context I would suppose he means “consume.”

2 For one set of inferences a given set of assumptions may be “harmless”; but these assumptions may be inadmissible relative to another set of inferences. Models “good” for all conceivable inferences are either logically impossible of construction or utterly useless.

3 This would suggest that I have a solution in mind. I do tentatively and hope to publish it in the near future. However, it is not an easy remedy, and it is by no means fool-proof.