Master's Theses

Department

Economics, Finance, & Accounting

Degree Name

Master of Science (MS)

Abstract

There are factors in an economy which tend to be inflationary at or near full employment. When the Employment Act of 1946 was enacted, there was concern that if the government would undertake to provide conditions conducive to high level employment, severe inflation would result. The purpose of this thesis has been to determine whether or not an increasing degree of inflation has accompanied the economic policies of the government aimed at maintaining high level employment. In order to provide a background for the problem, one chapter is devoted to the Employment Act of 1946-- the forerunners of the act; the history, goals, and provisions of the act; and the philosophies of the Presidents' Councils. Another chapter which is devoted to the problems of inflation and full employment includes a consideration of why full employment tends to be inflationary, why inflationary trends are likely to continue, anti-inflationary forces in the economy, the problem of "cost-push" inflation, how various groups are affected by inflation, and the case against continued inflation. Finally, although economics is not an exact science and the contributions of the Employment Act of 1946 toward stability of prices with high level employment goals cannot be measured exactly, there are indications that the Employment Act has made very real contributions to stability. The Employment Act is a stated policy of the responsibility of the government to promote economic stability and growth. As a result of this statement of policy, there has been increasing confidence among businessmen, who manage their business affairs in such a manner as to promote stability. The Employment Act of 1946 has provided the means for coordinated, effective government action in economic matters. While there has been an overall upward trend in prices since 1900, the record indicates that the rate of increase in the price level has been getting progressively smaller throughout the years, including the years following the enactment of the Employment Act of 1946.

Keywords

Employment, Law & legal affairs, Inflation, Cost & standard of living, Economic & social conditions, Price regulation, United States

Advisor

Dr. Leonard W. Thompson

Date of Award

Spring 1958

Document Type

Thesis - campus only access

Rights

© The Author(s)

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