Economist on Wall Street : [PDF Download]

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“Any businessman who knows what he is doing (a few in high places admittedly don’t) will refrain from raising his prices if his customers are unwilling or unable to pay more for his products, or if competitors who sell at lower prices can take his customers away from him.

Thus, prices rise only when demand is vigorous and when the output of urgently wanted goods cannot be met by competing producers or by substitutes.

In recent years, despite expanding demands that were helped along by the tax cut, prices have been stable in many areas and have even declined in such important industries as chemicals, tires, electrical equipment, gasoline, and paper.

The reason, of course, has been the pressure of competition from abroad as well as at home, excess capacity, and the American businessman’s superb genius for making something better and cheaper to take business away from a competitor.

In addition, wage rates have risen relatively slowly while productivity has advanced rapidly; this has provided businessmen with a continuously declining cost of labor per unit of output.”

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