LIST OF PARTICIPANTSGARDNER ACKLEY, Office of Price Stabilization, Washington, D.C.THURMAN W. ARNOLD, Arnold, Fortas & Porter, Washington, D.C.LAIRD BELL, Bell, Boyd, Marshall & Lloyd, Chicago, IllinoisTHE HONORABLE WALLACE F. BENNETT, United States Senate, Washington,D.C.Roy BLOUGH, Economic Adviser to the President, Washington, D.C.WALTER J. BLUM, Associate Professor of Law, <strong>The</strong> University of Chicago,.Chicago, IllinoisWARD S. BOWMAN, JR., Research Associate, <strong>The</strong> University of ChicagoLaw School, Chicago, IllinoisOTIS BRUBAKER, Director, Research Department, United Steelworkers ofAmerica, Pittsburgh, PennsylvaniaW. RANDOLPH BURGESS, Chairman, Executive Committee, <strong>The</strong> NationalCity Bank of New York, New York, New YorkTHE HONORABLE EMANUEL CELLER, House of Representatives, Washington,D.C.JOHN CHAMBERLAIN, <strong>The</strong> Freeman, New York, New YorkBENJAMIN V. COHEN, Washington, D.C.HERBERT C. CORNUELLE, <strong>The</strong> Volker Fund, Kansas City, MissouriPHILIP CORTNEY, President, Coty, Inc., New York, New YorkGARFIELD V. Cox, Dean, <strong>The</strong> University of Chicago School of Business,Chicago, IllinoisOSCAR Cox, Cox, Langford, Stoddard & Cutler, Washington, D.C.ELI W. DEBEVOISE,Debevoise, Plimpton & McLean, New York, New YorkAARON DIRECTOR, Professor of Economics, <strong>The</strong>. University of ChicagoLaw School, Chicago, IllinoisMICHAEL V. DISALLE, Director of Price Stabilization, Washington, D.C.JAMES H. DOUGLAS, JR., Gardner, Carton & Douglas, Chicago, IllinoisPEYTON O. FORD, Deputy United States Attorney-General, Washington,D.C.DAVID E. FELLER, Assistant General Counsel, Congress of Industrial Organizations,Washington,D.C.MILTON FRIEDMAN, Professor of Economics, <strong>The</strong> University of Chicago,Chicago, IllinoisMARTIN R. GAINSBRUGH, Chief Economist, National Industrial ConferenceBoard, Inc., New York, New YorkLLOYD K. GARRISON, Paul, Weiss, Rifkin, Wharton & Garrison, New York,New YorkRICHARD B. GOODE, Assistant Professor of Economics, <strong>The</strong> University ofChicago, Chicago, IllinoisGEORGE E. HALE, Wilson & McIlvaine, Chicago, IllinoisROBERT L. HALE, Professor of Law, Columbia University, New York,New Yorkviii
List of ParticipantsBERNARD F. HALEY, Professor of Economics, Stanford University, Stanford,CaliforniaALVIN H. HANSEN, Professor of Economics, Harvard University, Cambridge,MassachusettsRoy HARROD, University Lecturer in Economics, Christ Church College,Oxford, Engl<strong>and</strong>FRIEDRICH A~ HAYEK, Professor of Social <strong>and</strong> Moral Science, <strong>The</strong> Universityof Chicago, Chicago, IllinoisHENRY HAZLITT, Newsweek, New York, New YorkLEON HENDERSON, Research <strong>Institute</strong> of America, Washington, D.C.H. STRUVE HENSEL, Carter, Ledyard & Milburn, New York, New YorkCHARLES J. HITCH, <strong>The</strong> RAND Corporation, Santa Monica, CaliforniaJOHN JEWKES, Professor of Economic Organization, Merton College, Oxford,Engl<strong>and</strong>HOMER JONES, Federal Reserve System, Washington, D.C.HARRY KALVEN, JR., Associate Professor of Law, <strong>The</strong> University of Chicago,.Chicago, IllinoisWILBER G. KATZ, James Parker Hall Professor of Law, <strong>The</strong> University ofChicago, Chicago,. IllinoisMEYER KESTNBAUM, Hart, Schaffner & Marx, Chicago, IllinoisFRANK H. KNIGHT, Morton D. Hull Distinguished Service Professor ofSocial Science <strong>and</strong> Philosophy, <strong>The</strong> University of Chicago, Chicago,IllinoisFRED LAZARUS, JR., Federated Department Stores, Inc., Cincinnati, OhioI-IAROLD LEVENTHAL, Price Stabilization Agency, Washington, D.C.EDWARD H. LEVI, Dean, <strong>The</strong> University of Chicago Law School, Chicago,IllinoisBERNARD D. MELTZER, Professor of Law, <strong>The</strong> University of Chicago, Chicago,IllinoisEUGENE MEYER, <strong>The</strong> Washington Post, Washington, D.C.LLOYD W. MINTS, Associate Professor of Economics, <strong>The</strong> University ofChicago, Chicago, IllinoisLUDWIG VON MISES, Visiting Professor, Graduate School of Business Administration,New York University, New York, New YorkH. GRAHAM MORISON, Assistant United States Attorney-General, Washington,D.C.GEORGE M. MORRIS, Morris, KixMiller & Baar, Washington, D.C.W. C. MULLENDORE, Southern California Edison Company, Los Angeles,CaliforniaTHE HONORABLE JOSEPH C. O'MAHONEY, United States Senate, Washington,D.C.PAUL A. PORTER, Arnold, Fortas & Porter, Washington, D.C.WILLIAM WOOD PRINCE, <strong>The</strong> Union Stock Yard Company, Chicago,IllinoisEUGENE V. ROSTOW, Professor of Law, Yale University, New Haven,ConnecticutBEARDSLEY RUML, New York, New YorkTHEODORE W. SCHULTZ, Chairman, Department of Economics, <strong>The</strong> Universityof Chicago, Chicago, Illinoisix
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The Role of Monetary Policy 49cient
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The Role of Monetary Policy 51tive?
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The Role of Monetary Policy 53MR. F
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The Role of Monetary Policy 55Mr. F
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The Role of Monetary Policy 57~/IR.
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The Role of Monetary Policy 59minis
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The Role of Monetary Policy 61the b
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The Role of Monetary Policy 63presu
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The Role of Monetary Policy 65a rea
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The Role of Monetary Policy 67trol
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The Role of l:"u,~cal Policy 694. T
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The Role of Fiscal Policy 71E. Exce
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The Role of Fiscal Policy 73I recog
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The Role of Fiscal Policy 75argumen
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The Role of Fiscal Policy 77of beco
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The Role of Fiscal Policy 79Second,
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The Role of Fiscal Policy 81be done
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The Role of· Fiscal Policy 83REPRE
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The Role of Fiscal Policy 85get to
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The Role of Fiscal Policy 87rates o
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The Role of l?iscal Policy 89should
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The Role of Fiscal Policy 91monetar
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The Role of Fiscal Policy 93CHAIRMA
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The Role of J?iscal Policy 95are co
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The Role of Fiscal Policy 97SENATOR
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The Role of F~cal Policy 99MR. HEND
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The Role of Fiscal Policy 101otherw
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The· Role of Fiscal Policy 103if w
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The Role of Fiscal Policy 105topica
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The Role of Fiscal Policy 107bracke
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The Role of Fiscal Policy 109ig~ore
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The Role of Fiscal PolicyIIIwar. Yo
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The Role of Fiscal Policy 113tion p
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The Role· of Fiscal Policy 115cate
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The Role of I?iscal Policy 117ernnl
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The Role of Fiscal Policy 119SENATO
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The Role of Fiscal Policy 121Select
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The Level of Public Expenditures 12
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The Level of Public Expenditures 12
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The Level of Public Expenditures 12
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The Level of Public Expenditures 12
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The Level of Public .Expenditures 1
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T'he Level of Public Expenditures 1
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The Level of Public Expenditures 13
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The Level of. Public Expenditures 1
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The Level of Public Expenditures 13
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The Levelof P'ublic Expenditures 14
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The Level of Public Expenditures 14
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The Level of Public Expenditures 14
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VFOURTH SESSION, SATURDAY MORNINGAP
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The Role of Direct Controls 149This
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The Role of Direct Controls 151one
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The Role of Direct Controls 153plen
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The Role of Direct Controls 155MR.
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The Role of Direct Contro~ 157food
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The Role of Direct Controls 159If a
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The Role of Direct Controls 161kets
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The Role of Direct Controls 163woul
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The Role of Direct Controls 165llla
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The Role of Direct Controls 167coun
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The Role of Direct Controls 169were
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The Role of Direct Controls 171the
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The Role of Direct Controls 173weal
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The Role of 'Direct Controls 175of
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The Role of Direct Controls 177ment
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The Role of Direct Controls 179in b
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The Role of Direct Controls 181put
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The Role of Direct Controls 183I do
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The Role of Direct Controls 185MR.
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The Role of Direct Controls 187can
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The Role of Direct Controls 189the
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The Role of Direct Controls 191comp
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The Role of Direct Controls 198ther
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The Role of Direct Controls 195basi
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The Role of Direct Controls 197of t
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The Role of Direct Controls 199siti
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The Role of Direct Controls 201degr
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The Role of Direct Controls 203expe
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The Role of Direct Controls 205is a
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The Role of Direct Controls 207haps
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The Role of Direct Controls 209unhe
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The Role of Direct Controls 211fift
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The Role of Direct Controls 213crea
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The Role of Direct Controls 215minu
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The Role of Direct Controls 217and
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The Role of Direct Controls 219pans
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The Role of Direct Controls 221such
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The Role of Direct Controls 223conv
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The Role of Direct Controls 225MR.
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The Role of Direct Controls 227ques
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The·Role of Direct Controls 229wor
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The Role of Direct Controls 231A pe
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The Role of Direct Controls 233Well
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The Role of Direct Controls 235livi
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The Role of Direct Controls 237stan
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The Role of Direct Controls 239expr
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The Role of Direct Contl'ols 241195
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The Role of Direct Controls 243were
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The Role of Direct Controls 245I ha
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The Role of Direct Controls 247paig
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The Role of Direct Controls 249coul
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The Role of Direct Controls 251read
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The Role of Direct Controls 253and
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Impact of Rearmament on British Eco
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Impact of ReMmament on British Econ
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Impact of Rearmament on British Eco
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111~pact of Reannament on British E
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Impact of Rearmament on British Eco
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Impact of Reatmament on Brit-ish Ec
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Impact of Rearmament on British Eco
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Impact of Rearmament on British Eco
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Impact of Rearma1nent on British Ec
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Impact of Rearmament on British Eco
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Impact of Rearlnament on British Ec
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Impact of Reannalnent on British Ec
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Impact. of Rearmament on British Ec
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Impact of Reatmament on Btitish Eco
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Impact of Rearmament on British Eco
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VIIISEVENTII SESSION, SUNDAY NIORNI
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free Insti
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Long-Run Consequences on Free lnsti
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Long-Run Consequences on Free Insti
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B. SUMMARY STATEMENTSCHAIRMAN LEVI:
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Summary Statements 323potential wit
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Sumntary Statements 325judgment .wo
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SU1nmary Statements 327.means a com
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Surnmary Statements 329As to differ
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Summary Statements 331attorney-gene
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Summary Statements 333Some experts
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Summary Statements 335What we have
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Sum1nary Statements 337I would not
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Sumnlary StatementsSSgsacrifice it
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342 Defense, Controls, and Inflatio