For businessmen who fear that deflation (see above) may lead to recession, Harvard's Economist Sumner H. Slichter had some reassuring words. Said Slichter: "My belief is that during the rest of 1952 the influences making for expansion will be stronger than those making for contraction" (e.g., Slichter expects a rise soon in consumer buying). As for 1953, he added, "if there is a recession, it will be quite mild."
For the long pull, Slichter thought that some economists were slighting a new "X" factor in the economy, which throws old crystal-gazing formulas out of whack. The new variable: research.
With government and industry...
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