An Increasing Menace Institute Of Public Affairs-Books Pdf

AN INCREASING MENACE Institute of Public Affairs
09 Dec 2019 | 42 views | 0 downloads | 11 Pages | 692.65 KB

Share Pdf : An Increasing Menace Institute Of Public Affairs

Download and Preview : An Increasing Menace Institute Of Public Affairs

Report CopyRight/DMCA Form For : An Increasing Menace Institute Of Public Affairs



Transcription

AN INCREASING MENACE continued, in the economic equation is increasing at a vastly greater rate. than the goods factor So long as the rate of input of money. into the economic system continues to outstrip the rate of. output of goods and services the rate of production so long. will prices and living costs continue to rise, LOW PRODUCTION. But the condition of inflation tends of itself to make the. creation of an increased flow of goods and services infinitely. more difficult This is the second great problem of the Aus. tralian economy low production In the first place inflation. tends to eliminate or at least to greatly soften the compulsion. of business competition It makes a profit comparatively. easy to come by Because the pressure of buying is so strong. due to abundant supplies of money the producer or trader. has little difficulty in selling his goods The incentive to speed. up his production and reduce costs to give better service or. to improve the quality of his product is weakened He can. sleep soundly in his bed in the happy knowledge of an assured. market Many businessmen so long as they are not too hard hit. by shortages of labour and materials which are a concomitant. of inflation might be quite content for inflation to go on. indefinitely More than most sections they are in a position. to benefit from it and while it creates certain difficulties in. the form of government restrictions and controls it relieves. them of many harassing worries Moreover severe inflation. which implies a labour shortage affects production adversely. through its effect on the attitude of mind of the employee. Since he is at liberty to walk out of one job into another he can. make his own pace He would be more than human if he. didn t The great majority of decent workers of course take. no undue conscious advantage of this situation but they can. not help being subconsciously affected by it Also there is an. irresponsible fringe an irresponsible 5 or 10 per cent just. as there is an irresponsible fringe of employers who are fully. and openly prepared to make hay while the sun shines Maxi. mum productivity and severe inflation simply do not march. This must not be taken as an attack on full employment which this. Institute has unreservedly supported since its inception It is a criticism of. over full employment Full employment is a situation expressed by the. equation jobs men over full employment by the relationship jobs men. PRODUCTION OF THE WRONG THINGS, Moreover not only does total production tend to be low. under inflation but the wrong things are produced the. trumpery consumer goods the frivolous luxuries before those. things of real worth to the economy those things which add to. the economic strength of a nation and which are at the basis. of long term development and progress This truth which. is vividly illustrated in the Australian economy at the moment. constitutes the third great problem The vital industries of. steel coal rural production constructional materials and build. ing urgently needed public projects are suffering from acute. shortages of labour and physical resources But over a wide. range of production of much less significance to the nation s. economy there has been a remarkable expansion in output and. in the labour forces employed since 1939 One fact is suf. ficient to emphasise the point Despite an increase of nearly. 500 000 in the total working population since before the war. the numbers engaged in rural production have fallen by. 60 000 and this in what is regarded throughout the world. as a great primary producing country and in a period of ex. ceptional world demand for foodstuffs and raw materials. Why does inflation distort and twist the productive struc. ture into an unhealthy and unnatural form There are two. main reasons Over abundant money supplies in the hands. of consumers mean a heavy demand for all types of consumer. goods Industries engaged in the production of these goods. which include many non essentials hold out excellent profit. prospects and are able to attract labour by the offer of good. pay and working conditions Secondly in a time of inflation. and acute labour scarcity there will be a movement away from. the less congenial to the more congenial jobs Country labour. drifts to the city The heavy industries lose workers to the. more attractive consumer goods industries Domestic assistants. are as rare as jewels and just as costly In a time of inflation. and over full employment there is nothing more certain than. that the hard unpleasant but vitally necessary work of the. world will tend to be shunned, AN INCREASING MENACE continued. INDUSTRIAL COSTS, The fourth major problem of the Australian economy is.
the threatening level of industrial costs There is abundant. evidence to show that Australian costs are still rising rapidly. whereas costs in many countries are now comparatively steady. and in some cases even falling Among the English speaking. countries inflation is today almost a peculiarly Australian. problem In the United States and Canada the natural post. war inflationary forces have been countered by a massive ad. vance in production these countries appear to have lost little. and to have gained much by their early relaxation and removal. of controls a policy that was severely attacked by critics in. those countries that adhered to controls In Britain the post. war inflationary pressures are now being contained by a policy. of tight control at some cost to production and by the. extraordinary and admirable undertaking of the trade unions. to limit claims for increased wages and just recently by the. decision of the Trade Union Congress which has been endorsed. by its constituent unions to accept a virtual pegging of wages. until 1951 Only in Australia can it now be said that the. forces of inflation are still fiercely active To make a com. parison with Canada for instance the country that ap. proaches most closely to the Australian position During. 1948 9 retail prices in Australia rose by 10 in Canada by. only 4 export income in Australia by 35 in Canada by. 8 the volume of spending power in Australia by 10 in. Canada by 7, Since the beginning of 1947 hourly wage rates excluding. overtime in Australia have risen 39 compared with in. creases in actual earnings in Britain 15 Canada 23 and. the United States 13 Moreover all the portents suggest. that over the next six to twelve months further substantial in. creases in Australian costs can be expected Costs in Britain. and the United States on the other hand may not increase. greatly and might even fall The competitive position of. Australian industry has deteriorated rapidly over the last year. or two and is likely to deteriorate further during the next. twelve months Here we have a most serious threat to future. stability and employment in Australia A sudden drop in over. seas price levels would render certain large sections of the Aus. tralian economy uncompetitive by world standards and would. give rise to acute internal difficulties The danger of the posi. tion into which we are drifting can hardly be overrated In. its 1948 9 Annual Report the Commonwealth Bank drew at. tention to this danger in the following words While Aus. tralian costs continue to rise overseas costs have either levelled. off or are falling In such a situation the Australian economy. is particularly vulnerable to a downturn in economic activity. overseas or to the effects of internal instability In these cir. cumstances it is important that every effort should be made to. reduce costs of production and to make our industries as com. petitive as possible That is however very much easier said. than done especially under conditions of inflation. THE WAGE PRICE NEXUS, Australia is probably one of the hardest countries in the. world in which to arrest an inflationary movement because of. the automatic link between wage incomes and prices The. movement tends to be self perpetuating An increase in prices. leads to an increase in wages which leads to an increase in. prices which leads to an increase in wages which leads to an. increase in prices and so on ad infinitum, The immense increase of 150m in the total wages and. salaries bill during 1948 9 was quite largely due to the effect of. the quarterly cost of living adjustments One is led to ques. tion whether the system of automatic wages cost of living. revisions can be reconciled with the modern goals of eco. nomic stability and full employment Such a remark will no. doubt give rise to a storm of criticism But the critics would. do well to remember that the system of cost of living adjust. ments cuts both ways In a time of rapidly falling prices. wage incomes fail to get the benefit of lower prices because. they wages too fall as prices fall Moreover modern eco. nomic theory throws some doubts on the wisdom of a rapidly. falling wage level in time of deflation and recession This is. just the time when steps need to be taken to boost demand and. spending through government expenditure and borrowing. But these steps could be rendered abortive if wages were per. mitted to be pulled down by every drop in the internal price. level If the severing of the wage price nexus were to impose. AN INCREASING MENACE continued, temporary hardship on the family man he might be given some. relief in the form of a special family allowance or through the. amount paid in child endowment, What we suggest here is intended not to reduce the real.
wages of the worker but to raise and preserve them by main. taining their purchasing power and ensuring the continuance of. full employment Nor would it preclude upward adjustments. in the wage level as productivity increases In fact it would. render such adjustments all the more condonable since their. impact on costs would be confined to the magnitude of the ad. justment and the secondary and spiralling effects which are to. be so deplored would be eliminated, An alternative to this policy might be the reintroduction. of subsidies on those items which enter into the cost of living. index in an endeavour to stabilise prices of basic consumption. commodities and thus reduce or eliminate the inflationary. wage price spiral It is not necessary to detail here the mani. fold disadvantages of subsidies in order to emphasise the great. weaknesses of this policy And in any case unless subsidies. were to assume vast proportions they could at best be only. partly successful in their immediate objective They might. reduce the magnitude of the inflationary ripples but they. could not eliminate them, In order to minimise or to prevent further increases in. living costs improve industrial efficiency and swell the flow. of production restore mobility of labour and resources so that. the basic forms of production can expand at a rate in keeping. with the needs of the country maintain the international com. petitive position of Australian industries and improve the. prospects of full employment in the years immediately ahead. the removal or at least reduction of the inflationary pres. sures in the economy becomes a matter of prime moment. What then are the root causes of the Australian inflation. This argument does not of course imply that the Australian wage and. income structure could be maintained at anything like its present level should. we be confronted with a substantial fall in overseas costs and in the prices re. ceived from our basic exports There is in fact nothing more certain than. that all Australian incomes would have to be adjusted downward in consonance. with the new level of world prices and the higher these incomes are permitted. to go now the greater and the more unpleasant could be the inevitable adjust. ments later on, PRE WAR THEORIES, Pre war theories of inflation concentrated largely on the. effects of government fiscal policy and of banking action in. expanding credit at too fast a rate the conception of more. and more money being pumped into the economic system. when the supply of goods coming forward was inadequate to. balance the expanding volume of purchasing power That. conception has little if any application to the present situa. tion The Commonwealth Government has not been borrow. ing from the banking system and then spending the proceeds. On the contrary it has been paying off money lent to it during. the war by reducing its short term debt Over the last three. years the Government has been redeeming Treasury Bills at. the rate of 60m to 70m per year And while bank advances. have been increasing they have not been increasing at anything. like a rate sufficient to account for the expansion taking place. in the community s spending power Bank advance policy. has in fact been kept on a fairly tight and discriminating rein. by collaboration between the central bank and the trading. banks The collaboration has been made effective through the. system of Special Accounts by which the trading banks are. required to lodge the great proportion of their expanding cash. resources with the Commonwealth Bank and through the. directions issued by the central bank to the trading banks re. garding the purposes for which advances may be made The. increasing volume of bank advances over the last few years. AN INCREASING MENACE The Australian economy is caught up in a massive wave of inflation There has been nothing comparable to the magni tude of the present monetary expansion in the economic his tory of the last three decades Indeed in the matter of mere size the post 1914 18 inflation and the pre 1929 depression

Related Books

IRS Federal Income Tax Publications provided by efile

IRS Federal Income Tax Publications provided by efile

IRS Federal Income Tax Publications provided by efile com Page 2 Publication 967 2010 Page 3 of 7 of Publication 967 10 41 13 DEC 2010 The type and rule above prints on all proofs including departmental reproduction proofs MUST be removed before printing n Form 8919 Uncollected Social Security and Medicare Tax on Wages o Form 8930 Qualified Disaster Recovery Assis tance

2010 Publication 967 Internal Revenue Service

2010 Publication 967 Internal Revenue Service

Internal Revenue Service Publication 967 Cat No 22402M The IRS Will Figure Your Tax For use in preparing 2010 Returns Get forms and other information faster and easier by Internet IRS gov Dec 13 2010 Page 2 of 7 of Publication 967 10 41 13 DEC 2010 The type and rule above prints on all proofs including departmental reproduction proofs MUST be removed before printing Introduction You

2k16 CS6 Cadillac XTS 23180157A ai 1 6 25 2015 1 51 47 PM

2k16 CS6 Cadillac XTS 23180157A ai 1 6 25 2015 1 51 47 PM

wherever it appears in this manual This manual describes features that may or may not be on the vehicle because of optional equipment that was not purchased on the vehicle model variants country specifications features applications that may not be available in your region or changes subsequent to the printing of this owner manual Refer to

User Guide hp com

User Guide hp com

1 HP All in One overview Many HP All in One functions can be accessed directly without turning on your computer Tasks such as making a copy or printing photos from a memory card can

Service Manual shared swissparts ch

Service Manual shared swissparts ch

The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services Nothing herein should be construed as constituting an additional warranty HP shall not be liable for technical or editorial errors or omissions contained herein Part number CE663 90939 Edition 1 4 2010

HP LaserJet P1560 and P1600 User Guide ENWW

HP LaserJet P1560 and P1600 User Guide ENWW

The HP LaserJet Professional P1560 printer series supports manual duplexing The HP LaserJet Professional P1600 printer series supports automatic and manual duplexing Recycling Reduce waste by using recycled paper Recycle print cartridges by using the HP return process Energy savings Save energy by initiating Auto Off mode for the product HP Smart Web Printing Use HP Smart Web Printing to

655960 05 10 Arctic Cat Prowler Electra Steer Instructions

655960 05 10 Arctic Cat Prowler Electra Steer Instructions

05 10 Arctic Cat Prowler Electra Steer Install Manual 09 10 Prowler read supplement at end of instructions before beginning Thank you for purchasing our ELECTRA STEER 12v electric assist

Normas y protocolos de atenci n integral de la violencia

Normas y protocolos de atenci n integral de la violencia

Atenci n integral de la violencia ejercida contra ni as ni os y adolescentes X Bibliograf a XI Anexos 13 15 18 26 33 34 37 40 71 91 94 13 Norma y protocolos de atenci n integral de la violencia de g nero intrafamiliar y sexual por ciclos de vida Presentaci n I Presentaci n Se puede prevenir la violencia en nuestros propios pa ses y en todo el mundo tenemos ejemplos

Manual de atenci n Save the Children

Manual de atenci n Save the Children

8 Manual de atenci n para los ni os y ni as de mujeres v ctimas de violencia de g nero en el mbito familiar coacci n o la privaci n arbitraria de libertad produci ndose stos en la vida p blica o privada Ello incluye aunque no se limita a lo siguiente a violencia que se produce en la familia o en la unidad dom stica incluyendo entre otras la agresi n f sica y mental el

Modelo de Atenci n con Enfoque Integral para la Educaci n

Modelo de Atenci n con Enfoque Integral para la Educaci n

Modelo de Atenci n con Enfoque Integral para la Educaci n Inicial fue coordinado por personal acad mico de la Direcci n General de Desarrollo Curricular DGDC que pertenece a la Subsecretar a de Educaci n B sica de la Secretar a de Educaci n P blica La Secretar a de Educaci n P blica agradece la participaci n en la elaboraci n de este documento del personal de Educaci n

MANUAL DE ATENCI N INTEGRAL ILO

MANUAL DE ATENCI N INTEGRAL ILO

Manual de atenci n integral para la ni ez y adolescencia afectada por el comer cio sexual Un abordaje desde la perspectiva de derechos 11 A partir de la ratificaci n del Convenio 182 de la OIT el Estado paraguayo asume ante la comunidad internacional y nacional el combate inmediato y eficaz para conseguir la prohibici n y la eli minaci n de las peores formas de trabajo infantil El