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or in his freezer.
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How Much Has the Recession
Very little, says this expert, and more important, our future is as bright and limitless as ever.
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The author is a member of the
American Economic Association, a
vice-president of the American Farm
Economic Association, and an
economic consultant to the U.S.
State Department. In 1955,
as a member of the American
agricultural delegation to the Soviet
Union, he spent five weeks in Russia
studying its economy.
by Dr. D. Gal Johnson
Professor of Economics, University of Chicago
Economists are like weathermen. As long as the
weather (or the economy) is good, no one pays
any attention to them. As soon as it gets bad,
they're bums.
I don't want to take time to argue that economists
have as little to do with our economic ups and downs as
the weatherman with weather. I'll merely point out that
we just study the economic variations, we don't cause
them. The weatherman, in fact, is in a better position to
predict what's going to happen, or explain what did
happen', than we are. He's dealing with Mother Nature,
a relatively stable old girl. We're dealing with her un
predictable offspring Man who is infinite in his
variety.
At the root of our current problem is the old law of
supply and demand, a law based on the nature of man,
not of the elements. Nor is it a law of government it
cannot be repealed. It's the balance between what man
produces and what he wants. At the moment, he's
produced more than he wants.
I mention all this because, now that we're in the midst
of another recession (or whatever you choose to call it),
people are noticing economists again for the first time
in about five years and asking questions which have no'
hard-and-fast answers. We can't say in a few words
"What happened?" or "Who goofed?"
In general, however, the facts are that nobody goofed
and what happened was a natural end to another period
of our economic history. What goes up must come down
a little bit anyway. The supply has caught up with the
demand temporarily, at least. If those who worry
about the recession understood the economy better,
they'd be more apt to ask, "All right, the boom is over.
How bad was the bust? How good is the economy now?
What will it be like in the future?"
These questions are easier to answer, and the answers
are much more to the point. It's the difference between
looking for someone to blame for what we may have
lost, and remembering what we still have including
many things we didn't have before and working for
what we can still get.
Regarding the recession, or the bust that ended the
boom, I can say this much: it's no worse than the last
two in 1948-49 and 1953-54, both of which were fast and
mild. Most economists including myself consider such
recessions as necessary periods of readjustment. Or, as
one top-level Government official said recently, "No
economy can run at full steam all the time. It has to
stop periodically to get its breath."
Now, I realize that this is no consolation to a man
who has lost his job and has bills to pay and a family to
feed. But, let's face it, even the healthiest economy or
family suffers some periods of illness. We can sympa
thize with the afflicted,, but it would be false to tell them
that such sickness is entirely avoidable. It never has
been in a free economy.
In spite of the millions who suffered, however, these
last three recessions were only Summer colds affecting a
few compared with the depression of the '30s, an epi
demic which infected nearly everyone. And all three
recessions, while following somewhat similar patterns,
had contradictions, making them even more difficult to
explain.
Let's take a few examples. The manufacturing in
dustries, notably automobiles, are taking the worst beat
ing during the current crisis. Farm income, meantime,
is up about 12 percent.
Fnmilu Weekly. July 27, 19SJ
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Occasional economic dips , reflected in total spending
by government, business, and consumer, are minor com
pared with over-all pattern of steady, healthy growth.
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Total National Spending
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No jam tastes like the kind you make yourself!
It's easy... thrifty... and no failures with Sure-Jell or Certo!
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Recipe for perfect homemade strawberry
jam. Crush 2 quarts fully ripe berries to
pulp. Mix 412 cups prepared fruit in large
saucepan with 1 box Sure-Jell. (Or use
liquid Certo recipe on bottle.) Stir over
high heat until mixture comes to hard boil.
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if. M;
Remove Vrom hcat.alternately stir and skim
off foam for 5 min. Ladle quickly into
glasses. Paraffin at once. Yield: 1 1 medium
glasses, for mere pen n ies a glass ! A nd you're
sure of perfect results, with either pow
dered Sure-Jell or liquid Certo!
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Stir in 7 cups of sugar at once. Bring to full
rolling boil, then boil hard 1 minute, stir
ring constantly. This short boiling time
means less juice boils away. So you get up
to 50 higher yield and the flavor comes
through fresher with Sure-Jell or Certo!
Your choice!
SURE-JELL
powdered natural fruit pectin
r CERTO
liquid natural fruit pectin.
Pcctincauses jelling.
Amounts of pectin
in fruits vary.
NO guessing with
recipes you get with
Sure-Jell or Certo.
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