ABSTRACT
When the Brookings study first appeared, I did not read it with as much attention as has now been necessary; hence my first comment is one of admiration. In particular, to read Professor Caves’ own chapter is to receive a complete education from the footnotes alone, and, since my own preoccupations in the last few years have been fiscal and monetary policies (a point which has the advantage that I can claim with honesty that none of the views I express in this paper reflect the opinion of government departments for whom I have worked) I was much in need of this refresher course. I have taken as my fair field for comment the whole of Part III of the Brookings study, with the exception of Professor Ulman’s chapter on collective bargaining: within this field I have concentrated most on the essays by Professors Caves and Shepherd. Having had the pleasure of reading an early draft of Professor Phelps Brown’s paper for this conference, I have steered clear of some of the issues he analyses so magisterially.
