The newfangled notion that public debt can go on growing forever without doing any harm got a sock on the chin last week. The blow was aimed primarily at Assistant Secretary of State Adolf A. Berle Jr. and Professor Alvin H. Hansen, special economic adviser to Federal Reserve System, whose articles have appeared in FORTUNE. Peripheral victim: the National Resources Planning Board.
Wielder of the haymaker was able Harold Glenn Moulton, head of the Brookings Institution (famed for its economic studies), who wrote a 93-page pamphlet, The New Philosophy of Public Debt, to prove that...
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