William J. Fellner – Författare

Monetary Policies and Full Employment offers an in-depth exploration of the intricate relationship between monetary policy and the attainment of full employment. This comprehensive study examines key propositions regarding equilibrium, savings-investment mechanisms, and the impacts of wage and price adjustments on employment and economic stability. The book advocates for integrating monetary, fiscal, and wage-price policies to prevent major recessions and mitigate mass unemployment without resorting to abrupt institutional changes. Through a detailed analysis of cyclical trends and long-term economic growth, the author emphasizes the critical role of well-timed and measured interventions in fostering stable economic conditions while avoiding the pitfalls of rigid full employment guarantees.The second edition builds on its original insights with updated references and reflections on revised economic estimates, particularly those of Simon Kuznets. By addressing changes in consumption, capital formation, and output trends, the author reinforces the applicability of the study's conclusions despite shifts in statistical data. This scholarly work serves as a pivotal resource for understanding how nuanced monetary policies can balance economic growth with societal goals, all while navigating the complexities of modern economic systems and power dynamics.This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1947.

A Treatise on War Inflation: Present Policies and Future Tendencies in the United States by William Fellner is a seminal study of the economic challenges faced by the United States during the Second World War. Written in 1942 as part of a research program for the Bureau of Business and Economic Research at the University of California, the volume provides both a theoretical and empirical account of the causes of wartime inflation and the efficacy of policies designed to contain it. Fellner begins with a general analysis of the irrationalities of war finance, arguing that inflation arises less from abstract monetary expansion than from the creation of redundant incomes under conditions of scarcity. He explores the role of direct controls, progressive taxation, and nonexpansionary borrowing as tools to minimize inflationary pressures while also emphasizing the long-term implications for postwar economic stability.The heart of the book examines U.S. fiscal and monetary practices from the pre–Pearl Harbor defense buildup through the early years of war mobilization. Fellner analyzes how induced consumption and investment stimulated civilian production, weighs the real burden of war in terms of consumption levels and distributional changes, and assesses both expansionary and noninflationary financing methods—from excise taxes to compulsory saving. His concluding chapters evaluate contemporary policies of “controlled inflation” while warning of their weaknesses and future risks. With its blend of economic theory, policy critique, and quantitative comparisons, the treatise remains an invaluable resource for scholars and policymakers interested in wartime economic management, the dynamics of inflation, and the enduring tension between fiscal discipline and political feasibility during national crises.This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1942.

Monetary Policies and Full Employment offers an in-depth exploration of the intricate relationship between monetary policy and the attainment of full employment. This comprehensive study examines key propositions regarding equilibrium, savings-investment mechanisms, and the impacts of wage and price adjustments on employment and economic stability. The book advocates for integrating monetary, fiscal, and wage-price policies to prevent major recessions and mitigate mass unemployment without resorting to abrupt institutional changes. Through a detailed analysis of cyclical trends and long-term economic growth, the author emphasizes the critical role of well-timed and measured interventions in fostering stable economic conditions while avoiding the pitfalls of rigid full employment guarantees.The second edition builds on its original insights with updated references and reflections on revised economic estimates, particularly those of Simon Kuznets. By addressing changes in consumption, capital formation, and output trends, the author reinforces the applicability of the study's conclusions despite shifts in statistical data. This scholarly work serves as a pivotal resource for understanding how nuanced monetary policies can balance economic growth with societal goals, all while navigating the complexities of modern economic systems and power dynamics.This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1947.