Quote by Paul A. Samuelson, from a report

Various experts, here and abroad, believe that the immediate postwar inflationary climate has now been converted into an epoch of price stability. One hopes this cheerful diagnosis is correct. However, a careful survey of the behavior of prices and costs shows that our recent stability in the wholesale price index has come in a period of admittedly high unemployment and slackness in our economy. For this reason it is premature to believe that the restoration of high employment will no longer involve problems concerning the stability of prices.Economists are not yet agreed how serious this new malady of inflation really is. Many feel that new institutional programs, other than conventional fiscal and monetary policies, must be devised to meet this new challenge. But whatever the merits of the varying views on this subject, it should be made manifest that the goal of high employment and effective real growth cannot be abandoned because of the problematical fear that re-attaining prosperity in America may bring with it some difficulties; if recovery means a reopening of the cost-push problem, then we have no choice but to move closer to the day when that problem has to be successfully grappled with.

Various experts, here and abroad, believe that the immediate

Summary

This quote suggests that experts are divided in their views on whether inflation has been replaced by a period of price stability in the postwar era. While some believe that the stability in the wholesale price index is a positive sign, others argue that it is influenced by high unemployment and economic slackness. The author emphasizes that the restoration of high employment may still pose challenges for price stability. Additionally, there is a debate among economists regarding the seriousness of inflation and the need for new institutional approaches to address it. Despite potential difficulties, the quote emphasizes the importance of not abandoning the goal of high employment and real growth.

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By Paul A. Samuelson, from a report

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