Production Control

THE COMMITTEE on Production Control of the Institute has accomplished little or nothing tangible during the last year. For this the chairman must accept responsibility and whatever praise or blame goes with it. However, we have all had plenty of opportunity to observe the results obtained by various producing groups in their attempts to regulate production to meet demand dur¬ing the last few years. It would be putting it mildly to say that these have not been such as to inspire confidence in the methods pursued. The present plight of the wheat, cotton, coffee and sugar growers; the oil, copper, lead, zinc and tin producers, to name a few of the unfortunates, suggests a common cause perhaps beyond their control. There is a growing tendency to question as outmoded the theories of laissez faire economics, with its laws of competition, supply and demand, with price as the automatic regulator. The position is maintained that something new should be substituted because these laws no longer work. Many solutions are offered, ranging in the world at large from the planned economy of Russia, with the profit element removed, to the military controlled economy of Fascism, and in our own country from voluntary curtailment to martial law. But one hardly feels driven by any irresistible logic to put his finger on any one of these proposals, and to say this is the one in which I believe. On turning to one's neighbors, one is still more confused by the realization that this intellectual uncertainty is wide-spread. Isolation or cooperation, protection or free trade, the gold standard, bimetallism or managed currencies, de¬flation or inflation, all have their proponents in whose eyes one or the other of these slogans will afford the panacea for all our ills.