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Speaking on "Economic Planning in Modern Society", Abbot P. Usher '04 professor of Economics, gave the last lecture of the fall Guardian series over radio station WAAB last night from 7:30 to 7:45 o'clock.
Usher dwelt on the necessity of a long range economic policy to ensure a stable economy. He expressed himself as against a policy of entrusting such planning entirely to a beaurocratic, centralized system.
He divided economic planning into two related categories, constructive and operative, the former preparing the way for the latter. In laying the groundwork for this planning, the aid of local authorities is essential.
Planning Like Chess Game
Comparing the procedure of economic planning to that of a chess game, Usher stated that the first few moves determine largely the strategy to be followed in the future. With each successive move, the number of alternative courses becomes more limited.
In closing, he emphasized the closeness or relationship between the various phases of the same economic setup. If one part is altered, it may affect the pattern of the entire policy.
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