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Despite its present "mixed" character, "the American economy will remain the most adaptable, the most progressive, and the most productive in the world," Sumner H. Slichter, Lamont University Professor claimed yesterday in an article in the New York Times.
Describing the present economic arrangement as a "partly Government-guided and partly private enterprise economy," Slichter foresaw no immediate signs of a widespread U.S. trend toward socialism.
He warned, however, that there are three dangers in the current "mixed economy."
First, he said, it may become a "Santa Claus economy--one in which the Government makes large handouts under the cover of meeting needs, but for the real purpose of buying votes."
Government May Err
"A second danger," Slichter continued, "is that the Government will attempt to change the distribution of the income without giving much attention to how its methods affect the total volume of production." The third danger he warned against was too much Government spending.
The economist's optimism in the face of these pitfalls lay in the fact that "although Government intervention in economic affairs is growing, the economy remains one in which the most important decisions are made by millions of consumers and business concerns. Decentralized decision-making . . .," he concluded, "Is proving itself a hardy plant.
It has shown great capacity to adapt itself to a changing world."
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