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Conflicting Debt Philosophies
The Crucial Issue of National Policy
Appraisal of the New Philosophy
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Alvin H argument balanced budget bank credit Berle bondholders borrowing Brookings Institution Business Cycles business enterprises capital ex capital expansion capital market cent commercial banks conception consumption continuing corporations costs involved current money savings depreciation earnings economic system evidence excess purchasing power expanding public debt expendi fact Federal Reserve system Fiscal Policy foreign full employment funds government bonds gross capital Hansen Harold G Harris income-creating increase individuals inflation interest internal public debt issue June 27 loans maintenance and replacement mature economy ment Moreover National Economic Committee national income National Resources Planning necessary nomic operating pansion period philosophy of public plant and equipment Policy and Business postwar productive proportion public expenditures public finance rates and farm redistribution Resources Planning Board result revenues rising securities stability stage of full tax receipts taxation Temporary National Economic tion Treasury United vicious spiral wage rates