'Unliquidated Monopoly Profits' and Concentration
GEORGE M. Humphrey, cally brings forth an increase the Treasury Secretary, and in price for the available sup-William McChesney Martin, ply. But in concentrated in-Federal Reserve Board chair- dustries, he says, where a few</br></br>GEORGE M. Humphrey, cally brings forth an increase the Treasury Secretary, and in price for the available sup-William McChesney Martin, ply. But in concentrated in-Federal Reserve Board chair- dustries, he says, where a few man, who are scheduled t o testify. today before the .Congressional Joint Economic Committee, may collide with an academic missile just launched at Cambridge,.</br></br>Kenneth Galbraith, the Harvard professor, has buttressed the major criticisms of the GovernmentÛªs apti-inflation policies with- theoretical supports stronger than any yet advanced.</br></br>GalbraithÛªs rocket appears in the May issue of a professional journal. HarvardÛªs ÛÏReview of Economics and Statistics.ÛªÛª</br></br>Its conclusionÛÓthat the so-called tight money policy is increasing economic eoncen-tration by discriminating against small, competitive firmsÛÓis not startling. It has been voiced repeatedly by ÛÏliberalÛ Democrats, small business spokesmen and trade union professionals among others. The facile Galbraith himself has previously published a popular version bf his ideas in a middle-brow magazine.