BUSHED.

Waikato Times, Volume 119, Issue 19945, 23 July 1936, Page 9

BUSHED.

(To the Editor.) Sir, —The fact that the so-called orthodox economists have so far failed to give either an explanation or a cure for the slump satisfactory to the “new economists” is no proof that they are wrong, and “Logicus” would rightly class such deduction as a “nonsequitor.” We do not say that the science of medicine stands condemned because some particular practitioner failed to diagnose or cure a disease. As for the causes of the slump, they are self-evident to anyone who does not deal with the economic world as a physicist would who dealt with the phenomena of the material world, leaving- out the attractions of gravity and cohesion. As for the “march of progress,” ltddle-de-dee I If the money is used as a symbol for the exchange of goods, and is freely exchanged as such in lieu ol' the commodities themselves, thus be--1 coming itself a commodity—which j seems inevitable—how on earth can j any economics, new, old or middleaged, prevent money from being a I commodity? “R.J.M.’s” concluding paragraph is i a bit of pure question-begging. Perj sonally I do not see that 1 am called | upon to provide a solution of the | world’s economic trembles, and if any |of the others mentioned do so the new economists would pour the vials !of their wrath upon their proposals. The economy of the world is but the economy of a household writ large. The world during the boom was doing what New Zealand is doing to-day—-spending this year what it hopes to earn next year—and when the earnings fell short chaos resulted.- The cure is to spend only what you earn as you earn it. Easy as rolling off a log I —l am, etc., A. WARBURTON. Ngaruawahia, July 21.