Knowledge that Transforms

In September I958, the Subcommittee on Stabilization of the Joint Committeeof the U.S. Congress distributed an Economic Policy Questionnaire among some I500 college and university economists. The replies on the 65 questionnaires which were returned have been tabulated and appear in a report which has recently become available. It is the purpose of this note to discuss some of the significant aspects of the questionnaire.

IN the continuing debate about the role of money, credit, and monetary policy in our society, one of the major issues centers around the specific incidence of "tight money" on individual business firms. On the one hand, leading proponents of monetary controls as a regulatory device have emphasized the general, impersonal nature of such controls. They have argued that the impact of monetary policy is determined by the reaction of individual borrowers to changed market conditions.