meant to show that we have the power, if we will but use it, to stabilize the purchasing power of the dollar.
11. Comparison with Other Plans
As we have seen, most other proposals for remedying the "high cost of living" would operate through economy and efficiency. Nothing could be more laudable and nothing needs to be preached more persistently, in season and out of season. An increase in production and the cessation of industrial warfare between labor and capital should, now and always, be striven for. To whatever extent these objects are gained, the world will be better off, whether prices are high or low.
But he who expects, from such measures, any appreciable reduction in the index number of prices is doomed to disappointment. The general expectation of such a reduction is based, first, on a false conception of the problem, due to overlooking its monetary side, and, secondly, to a greatly exaggerated idea of the economy and efficiency which are attainable. Thus, the worst of our great strikes reduces the national production only about as much as declaring a single holiday, and most of the wastes of industry, though great, are inevitable and can only be reduced slightly and gradually through education.
We may rail at the workmen and accuse them of slacking and ninety-nine per cent of them will plod along without even attending to what we say. We may legislate in the hope of forcing economy and efficiency on a wastrel world and shall be lucky if we succeed in doing a trifle more good than harm. I doubt
