1970: The Year of Transition
Publication:
The Empire Club of Canada Addresses (Toronto, Canada), 5 Feb 1970, p. 248-259


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1970: The Year of Transition


A message of confidence and optimism. Reasons for such optimism. Some real progress in trying to get the long overheated U.S. economy cooled off: why and how that was a struggle. What has been learned about the nature of economic progress. A second reason for confidence the establishment of a far stronger basis for a viable international trading and financial system: what was done to facilitate that. A third reason (specific to the U.S. setting) is the emergence of a new realism about the fact that, "rich as we are in this part of the world, and expanding as our economies may be, we must confront the basic fact of economics that what we want to do with our productive resources still far outpaces the productive resources that we are going to have available." A review of changes and developments in economics over this lifetime. What we know now, and how it has affected various programmes. The reality of an unbalanced budget: an analysis. The need for more rational public thinking about the kinds of economic policies that we are going to need; for Government to perform its obligation of making clear the policy issues so that people begin to see the nature of the problems that we face. Counting on public opinion rising to the occasion and supporting the kind of policies that will be essential.