Controlling Factors In Economic Development. By Harold G. Moulton. Cloth. Price, $4. Pp. 397. The Brookings Institution, 722 Jackson Pl., N.W., Washington 6, D. C., 1949.
It is doubtful whether the controversy between the "pro-Keynesian" and the "anti-Keynesian," the deficit spending group and the balanced budget group, will be resolved in a short time. This controversy cannot be avoided by any treatise on contemporary economic situations because the scope of the argument is now carried out of the realm of pure theory by the political adaptations and consequences of deficit spending.
While this book makes poignant criticism of Keynesian theory and its present day offshoots, it is not comprehensive enough to stand as a complete rebuttal—if this is at all possible—of the present "popular" style of economic theory. The principal value of the book to the elementary reader, for whom it was designed, lies in its clear, if cursory, presentation