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The Means to Prosperity

Nature volume 131, pages 451452 (01 April 1933) | Download Citation



NOTABLE in themselves, and doubly notable for their appearance in the Times, Mr. Keynes's recent articles on “The Means to Prosperity” have now been rounded off by a short introduction and conclusion and repub-lished. Mr. Keynes's thesis in essence is the familiar argument that schemes of capital development or, as he terms it, loan-expenditure, are the only available means for creating employment, stimulating demand, raising prices, and so extricating the world from the present depression. Since loan-expenditure by public and semi-public bodies for housing, transport and similar capital works normally absorbs a large proportion of the activity of the capital goods industries, and since private business will not enlarge its demand for capital goods until after prices and turnover have increased and profits have become reasonably assured, Mr. Keynes urges that the loan-expenditure which the present situation demands should be embarked on by Government, first through reversal of the contractionist policy which has prevailed for the past year and a half, and then through the launching of new schemes of needed development.

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