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This ""common sense survey"" of our economic system written by a professor of economics at the University of Michigan is directed to the layman who wants to know what is going on economically speaking and who wants to roll up his sleeves and earn his living. Pointing out that production is the heart of our economy, Mr. Paton makes a bid for an increase in production and a corresponding increase in competition to insure efficient production. Government, instead of taking over business, should enforce competition, and, if it must interfere, should do so in the area of money and credit policy rather than the running of utilities and handouts. Mr. Paton says the investors and the savers are the forgotten men in our economy, in which socialism (here equated ultimately with totalitarianism) is that government handouts are paid for by the tax payers, that specialization and international trade are good things. Opposed to New Deal policies, he still can't quite get around what to do about welfare. Although the author resorts at times to an ""any fairminded or sensible person should see this"" technique, the book is on the whole solid and informative (though biased) reading -- an aye for free enterprise and remuneration according to productivity as opposed to a socialized welfare state. Controversial.

Pub Date: May 23rd, 1952
Publisher: Appleton-Century-Crofts