As a college professor, Johns Hopkins' Economist Clarence D. Long is gloomily aware that his earning power has been steadily losing ground in the endless marathon with rising living costs. As a practicing economist, he is also professionally concerned by "this singular inability of the pedagogue to hold his place at the American banquet table."
On Johns Hopkins' well-financed campus, says Economist Long, an average professor earned $5,700 in 1940. With a salary of $7,975 today, he gets only $4,154 in terms of pre-World War II dollars. Says Long: "The decline in purchasing power of 27%before a single per centum is deducted...
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