PRINCIPLES AND POLICIES
THE BALANCE OF PAYMENTS, by J. E. Meade; Oxford University Press. English price, 30/-. PROFESSOR MEADE, of the University of London, one of the best British economists,.was formerly Director of the Economic Section of the Cabinet Secretariat; it is probably this experience that has led him to write on the theory of economic policy. This, his first of a series, deals not with specific United Kingdom problems, but rather with the contribution that theory can make in the choice of principles for balance of payments policies. Inevitably, therefore, it deals with full employment and the balance of payments (a subject very important indeed for us in New Zealand); the effect of inflationary or deflationary policies on the balance; exchange depreciation and exchange control; discrimination between hard and soft currencies; and multilateralism and bilateralism. If this book had been published 25 years ago it would have been epochmaking; now that it deals with concepts and policies known to us all, it can only be a bulwark, a welcome one for all that, against those who insist that economic life should be left to the hidden hand. The author himself favours measures rather than controls-to/ wit, avoidance of domestic inflations and de-
flations, variable exchange rates and adjustment of trade to alterations in price
relationships.
W. B.
Sutch
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New Zealand Listener, Volume 26, Issue 669, 2 May 1952, Page 13
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219PRINCIPLES AND POLICIES New Zealand Listener, Volume 26, Issue 669, 2 May 1952, Page 13
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