The Economy: Problems of Prosperity

"There is a growing feeling of unrest in the land," said William McChesney Martin, the chairman of the Federal Reserve Board. "The American people are being shackled with second cars, air-conditioned split levels and back yard swimming pools, leaving them dissatisfied and uneasy."

Martin's irony may have been heavyhanded, but his point was valid. In the midst of unprecedented national prosperity, a sense of nervousness pervades U.S. banks, board rooms and union halls. The economy has entered a delicate stage where difficult decisions have to be made about such matters as prices...

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