I first became interested in economics round about 1931 when I started studying for the Fellowship. None of you have experienced what it is like to live through a severe depression. In Liverpool unemployment was some 25% to 30% of the insured population. My brother and two cousins lost their jobs and were out of work for a long period. It was extremely demoralizing for them and the character of one was adversely affected for the rest of his life. This situation influenced me very much and made me an ardent radical. It seemed to me ridiculous that an economy should be working at full capacity one year and at 75% to 50% the next. Something was clearly wrong with the way we organized things. The mistakes were those of human beings and not those of God. (At that time many people did think that such things as trade cycles and rates of interest were natural phenomena.) To my young and simple mind an economic plan seemed a simple scheme to construct and I felt that it was only the obstruction of vested interests and the ignorance of the general public that prevented enlightened people putting into operation a plan that would preserve full employment and a reasonable standard of living for everybody. The experience of recent years suggests that there is much truth in this.