A Way Out Editor's Note: This is the last ot a series of three articles by Dr. Harry M. Love, department of Agricul tural Economics, V.P.I., Blacks burg. Taken worn an address to the Virginia Bankers Association The thirtyprocess for making the the necessasy decisions lies in an area of compromise between an ab solutely free market and a rigidly supported market. By supporting prices at a level which is low- enough to permit the free market to operate without inter ference except in the case of'severe price drops, the benefits of both may be obtained without sacrificing either. Supports would thus serve as a net does under trapeze per formers. While the act goes on, without interference the actors are protected in case they fall. Thus, the actors are challenged to do their best and give the spectators their money’s worth. The American economy may be likened to a spinning top It cannot spin and have perfect stability It is usually most stable when spin ning at high speed. Through the free market, decisions are made for the production of more than eight million items. We are constantly cut ting off some items and adding on others as the economy spins along. Many people seem obsessed with the idea that all our economic goals can be automatically attained by some quick, easy and single change such as tampering with prices. Such a narrow concept of the alternatives open to us only frustrates our ef frrts and keeps us from doing many more constructive things. While perfect security and sta bility are not possible if economic growth is to continue, it is also evident that economic collapse is must wasteful. Therefore, som * pro tection from excessive economic in stability would seem desirable. In agriculture the nature of prob
59.9%Friday, March 29, 1957 — The Farmville herald and farmer-leader · Page 19
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“A Way Out.” Farmville Herald, March 1957.
“A Way Out.” Farmville Herald, Mar 1957.
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