ECONOMIC CHANGE

Evening Post, Volume CXVIII, Issue 90, 13 October 1934, Page 11

ECONOMIC CHANGE

TEAXSFEE OP LABOUE

SIR JOSIAH STAMP'S VIEWS

(From "The Post's" Representative.) LONDON, September 7.

Sir Josiali Stamp, chairman of tli4London, Midland, and. Scottish Bailway, and a director of'the Bank of, England, introduced . a discussion before the British Association at Aberdeen upon the need' for a, technique, of economic change. He emphasised the importance, of adopting any new technique before tho urgency of tho problem .was confused by passion and prejudice. , There wero I about four or five years, lie said, bejfore the worst problems of a stationary population sot in on us. Some* [thing must be done now. The conception of a technique of economic chauga, was completely different. under a stationary population under a planned society from what it would be under individualism, The price to, be, paid for a planned society was .that the consumer could never get his own way and whim, to' the old extent. Instead.of the consumer entirely •' calling the tune, the producer's proclivities and ability to. balance had to be considered. One economic technique in conditions of a stationary population was a thor-ough-going scheme for aiding through, the State the transfer of labour. If * man found himself in a declining industry it might be said .that the community owed him the help to move into, some other. Another line was to give capital and labour special aid in their obsolescent condition. ■ In so far., as common aid extended beyond wages to .dividends it\ would probably have to be confined to the warding-off of foreclosure, forced-sale, and-serapping until the more humane workers-side or problem had petered out at a not inhuman, rate. But even on the capital, side it was important to the community that the rate of obsolescence should not ba too rapid and that soiio yield on capital should be forthcoming over a limited period. '