RATIONING, PRICE AND WAGE CONTROL 55

old-fashioned inflation, it does nothing to bringabout equilibrium, indeed on the contrary. Mybelief is that, if in the next six months noadequate steps are taken to curtail consumers'purchasing power, the consequences are muchmore likely to be seen in the shape of shortages inthe shops than in a runaway price level. Thereis a strong feeling both amongst the public andamongst producers and retailers against risingprices. The mentality which used to result for-merly in rapid price inflation is replaced to-dayby a different conception both of private advan-tage and of public spirit. I believe, therefore,that a typical price inflation is much further offthan some people are thinking. I welcome thisnew attitude. For it means that we have a longertime in which to implement a policy of genuineequilibrium before irremediable damage is done.Nevertheless it is no genuine solution. Shopshortages and queues lead to great injustices ofdistribution, to an abominable waste of time andto a needless fraying of the public temper. It isthe alternative which both Russia and Germany have long preferred to old-fashioned inflation,and it is, as I have said, d la mode. But it is forus to find the third alternative, which is thegenuine solution, preserving both the generalinterest and the free choice of the individualconsumer.

I have not attempted to deal directly with theproblem of wages. It is wiser, I expect, to dealwith it indirectly. If the necessary proportionof consumers' purchasing power is not withdrawn