* - WHOEVER it is who runs the economics side
of the Third Pro- gramme, in the last month has allowed iconoclastic attacks on two of the economists' most sacred of cows, thereby still further reducing the size of that once celebrated herd. Mr. Cohn Clark demonstrated the declining importance of capital. 'We must admit,' he said, 'that economists have allowed their views to become out of date. A century ago the accumulation of capital may have been the key factor in economic progriss. But now it is an event of comparatively minor importance.' Mr. Johnston insisted we export too much. His thesis, baldly stated, is that the more we export, the more we turn the terms of trade against us, so that in effect we have to export £3 worth of goods in order to get E 1 worth in return. We continue.to do this out of a traditional, almost a sentimental, reverence for international commerce. It only remains now for someone to tell us that most of our troubles come from our working too hard. PHAROS
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