A Letter From The Publisher, Dec. 2, 1957

VOLTAIRE once remarked: "If —you wish to converse with me, define your terms." Last week the great debate around the U.S. was over the health of the nation's economy—not only among financial experts, but among factory hands, taxicab drivers, secretaries and housewives (see NATIONAL AFFAIRS). Everyone worried that the U.S. might be on the verge of or actually in a "recession"; yet there was no clear idea of just what a recession involves, or what it means in terms of the postwar economy. For a reading on where the U.S. stood last week, and what the Federal Reserve Board is doing...

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