Fundamental notions of economic theory based on a static approach are falling into disuse, and the new dynamic economics is hampered in its progress by the belated development of social research and industrial psychology. In a sense, economists have hardly had time to digest the revolutionary Keyoensian doctrines, but already find that they are out‐moded. Particularly embarrassing for present day problems is the fact that there has not been sufficient time to study fully the effects of variations in the balance of international payments on the propensity to consume and on employment. It is the policy in Western Europe, for example, to isolate the effects of a semipermanent imbalance in international payments. These countries are pledged not only to maintain but to raise the high standard of living however slightly in the immediate future. In this essay a brief attempt is made to show that travel is an important factor which research to this end cannot afford to neglect.
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