The White House, Washington, Memorandum for the President: Personal Re memorandum on full employment: March 18, 1940

摘要

1. It represents the progress to date of a line of investigation I initiated at the Reserve Board and which is today being carried on by the brilliant group of young economists in Harry Hopkins' office. The basic analysis is that of J.M. Keynes. Since Professor Hansen and I testified along these lines before the TNEC, it has become generally the New Deal economists' diagnosis of and prescription for our economic problem. 2. I have come to suspect that you are somewhat bothered by the apparent conflict between the humanitarian and social aims of the New Deal and the dictates of "sound economics". I feel convinced that in place of conflict there is really complete harmony and for that reason only the New Deal can solve the economic problem. 3. think you should know the basic economic theory that underlies the suggestions and positions taken by your assistant. In treating special problems I have the basic problem and solutions, as I see it, constantly in mind and although feasibility and timing must always be given proper weight, I try to fit every specialized problem into the broad program. 4. In connection with the pressure currently being brought on you to call a Conference on Unemployment, my view is very naturally that unless the conference can come out with the diagnosis and type of solution outlined in the attached memorandum it will be fruitless and probably harmful. Unless very carefully selected and stage managed, the likelihood of its so coming out is not promising. 5. You asked me to do some work on the problem of post-war reconstruction. This problem is, however, but one special case of the overall problem of securing and maintaining full employment.