WISE SPENDING
Aid to Prosperity’s Return ECONOMISTS’ ADVICE London, Oct. 17. Spend more to speed the return of prosperity! This is the burden of a letter to “The Times” signed by Sir Walter Layton, Sir Josiah Stamp, Sir J. A. Salter, Mr. J. M. Keynes and Professors D. H. MacGregor and A. C. Pigou, all well-known economists, who urge that public interest in the present conditions does not enjoin private economy. Claiming to express the views of most economists, the signatories say that spending less money than one should like, is not patriotic. Private economy means that a man’s savings accumulated in the bank, without finding a new home, and the entry of the money into Investment is blocked by lack of confidence. Such economy intensifies the block by further discouraging productive Investment, and It cuts down the national Income by nearly as much as it cuts consumption. This argument also applies to local authorities, which Increase unemployment by refraining from undertaking necessary public works.
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Dominion, Volume 26, Issue 30, 29 October 1932, Page 11
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165WISE SPENDING Dominion, Volume 26, Issue 30, 29 October 1932, Page 11
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