This week when Leon Henderson officially stepped down from head of the Office of Price Administration, U.S. business saw not just the departure of an able public servant but another blow at an economic philosophy which has already stubbed its toe on hard economic fact and hard, economic law.
In the years when Henderson bossed prices the official Administration policy (as revealed in action) made two tacit assumptions: 1) that prices could be held tight by the use of direct price controls and ceilings unsupported by a strong, courageous fiscal policy; 2) that the U.S. could fight a major war without having...
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