DISCUSSION.

The article presents a critical discussion of the two papers by Edgar M. Hoover and Joseph Shister on the factors related to investment for the individual firms. According to the author Hoover has demonstrated considerable dexterity in weaving into his model several of the more important institutional characteristics. But Hoover seems to stop short of asking the significant questions relevant to economic growth. The really important one would seem to be, do the institutional changes outlined make for more or less capital accumulation? The author remarks that if one fully accept the analysis as realistic of firm behavior, what changes are portended in the rate of economic growth? Turning now to Professor Shister, the impression which is immediately gained from his paper is the breadth of its scope and the transparency of its composition. Shister chose to deal with his subject on an over-all level, relating union practices and policies to the growth pattern of the American economy as a whole. This approach has both its merits and its shortcomings.