Structural economic analysis, that is, was not the exclusive property of the Democracy. left. Means and Nourse would be joined by the Harvard economist and acclaimed author John Kenneth Galbraith, making the expert roster something of a composite of the liberal intelligentsia. Next, Blair proposed that the investigation move from one concentrated industry to the next, examining the relationship between prices, production levels, and, most importantly, profits. By comparing these trends to those in more competitive industries, the Subcommittee could isolate the significance of market power as an independent variable in the price formula and highlight the consequences upon demand, “injurious production and employment” it had wrought. with factual data supporting” this “Armed point, Blair imagined, Kefauver could then confront the of the leading “representatives firms” and force them to publicly defend their actions. From the outset Blair knew that corporate officials’ line of defense “principal would be that costs, particularly labor costs, have risen, making necessary an upward adjustment in price.” What deserved blame for the chronic upward movement in the labor costs over and above productivity gains, or corporate pricing power? For – this reason, Blair cautioned, is important that the investigation not be led into the “It impossible undertaking of trying to evaluate the validity of cost studies for particular products,” as reliable on unit costs are perhaps the most difficult of all types of “data economic data to come by and put to meaningful use.” Instead, he concluded, “the Committee would be perfectly justified in taking, in effect, the position that, while these cost increases may indeed have occurred, their impact on the company’s earning capacity could not have been very serious in view of its high and increasing rate of profit.”
Democracy. Structural economic analysis, that is, was not the exclusive property of the left. Means and Nourse would be joined by the Harvard economist and acclaimed author John Kenneth Galbraith, making the expert roster something of a composite of the liberal intelligentsia. Next, Blair proposed that the investigation move from one concentrated industry to the next, examining the relationship between prices, production levels, and, most importantly, profits. By comparing these trends to those in more competitive industries, the Subcommittee could isolate the significance of market power as an independent variable in the price formula and highlight the “injurious consequences upon demand, production and employment” it had wrought. “Armed with factual data supporting” this point, Blair imagined, Kefauver could then confront the “representatives of the leading firms” and force them to publicly defend their actions. From the outset Blair knew that corporate officials’ “principal line of defense would be that costs, particularly labor costs, have risen, making necessary an upward adjustment in price.” What deserved blame for the chronic upward movement in the – labor costs over and above productivity gains, or corporate pricing power? For this reason, Blair cautioned, “It is important that the investigation not be led into the impossible undertaking of trying to evaluate the validity of cost studies for particular products,” as reliable “data on unit costs are perhaps the most difficult of all types of economic data to come by and put to meaningful use.” Instead, he concluded, “the Committee would be perfectly justified in taking, in effect, the position that, while these cost increases may indeed have occurred, their impact on the company’s earning capacity could not have been very serious in view of its high and increasing rate of profit.”
Sonti%20talk%20on%20inflation.docx