Abstract

Conversion: the Magnitude of the Task
Goldberger, A. S. | March 28, 1959 issue

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The article focuses on the implications of abolition of military expenditures for particular trades, industries and geographical regions in the U.S. The transfer of purchasing power from the military back to the taxpayer is unlikely to leave the total demand for gross national product unchanged. The defense establishment exploits its purchasing power to the utmost. A dollar of tax receipts by the federal government is turned, with unseemly haste, into a dollar of demand for current production. Finding his tax liability reduced by a dollar, the individual is likely to exploit only part of his increased purchasing power in demanding current production.

See Also:

ECONOMIC conversion; DEMAND (Economic theory); DISARMAMENT -- Economic aspects; GROSS national product; ARMED Forces -- Procurement; MILITARY markets; UNITED States
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