DISCUSSION.

The article presents a critical discussion of the papers by George H. Hilderbrand and William Fellner on long-run policies of the U.S. government. The author comments that with respect to long-run period both the economists correctly imply that full employment is assured only if we act right. There is among economists a vast amount of agreement bearing on what constitutes right action. Still, there remains a conflict of advice which is crucial when we come to specifics. The conflict is such that we dare not gloss it over but must, if we are to arrive at a stable consensus, keep it well to the fore. When it comes to selecting means for the control of aggregate demand, it notoriously may make a great difference, in what devices one will espouse, whether he does or does not believe that changes in the real value of cash balances exert significant force. If we turn to the problem of selecting a guide to action upon aggregate demand, we find again disagreements which the author doubts will be cleared up unless we frequently leaf through a well-kept record on the sources of disagreement, which goes back to and includes the argument over the automaticity of full employment.