WAITING AND THE PERIOD OF PRODUCTION: COMMENT.

The article comments on the paper "Waiting and the Period of Production," by Robert Dofman in the August 1959 issue of the "Quarterly Journal of Economics." Just as postwar West Germany has been a leading example of a comparatively unregulated economy, so it has been a principal source of academic literature extolling the virtues of competitive markets and economic co-ordination via unregulated prices. A flood of crusading books, pamphlets and papers attests to the numbers and energies of economists whose social theories and policy recommendations differ radically from those for which their homeland was earlier famous. Neoliberal teachings do not constitute a completely standardized product; disagreement on matters of detail is common and that on more important questions is not rare. But, on the whole, agreement--and repetition--is impressive. The West German crusade is perhaps the outstanding example of non-socialist academicians banding together to fight for and against economic programs.