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Economist Criticizes East, West Systems
Pure economic theories of laissezfaire and centralized planning do not exist, according to Dr. Harry G. Shaffer, associate professor of economics.
In a speech before business students yesterday, Shaffer outlined the shortcoming of two current economic systems. Shaffer discussed the laissez-faire economic theory of the United States first.
University Daily Kansan
SHAFFER said that a basic shortcoming in the free market theory is the proposition that the best interests of the individual is also in the best interest of society. "Is it necessarily so that what is advantageous for individuals is advantageous for society?" Shaffer said. "General Motors would like Chrysler and Ford to go out of business. Would this be good for society?" Shaffer added.
"In theory the laissez-faire theory seems simple. In actual practice it doesn't work out simply," he said.
Shaffer also said the laissez-faire theory is based on selfishness. He said many people in underdeveloped countries need such products as milk and shoes, although it is not practical for an investor to sell these products because many of the people cannot afford them.
A second shortcoming of the laissez-faire theory, he said, is that there is economic waste. There are more products than the demand for these products warrant, such as the 100,-000 superfluous filling stations in the United States today.
"Planning from the center is easy for some commodities, like electricity and water. But it becomes difficult to plan from a center, like Moscow, for such commodities as shoes." Shaffer said.
HE THEN OUTLINED the deficiencies of the Central Planning Economic Theory, as it exists in the Marxist countries such as Russia.
"The easiest way to produce required numbers of shoes is to make them the same style, size, and color. There is a great shortage of variety in Russia," he added.
SHAFFER ALSO SAID the Russian economic system discourages innovation. If the innovation fails in a factory then production time is lost and the government quota is more difficult to meet.
Two Campaign For CYR Post
John Sharp, Lawrence junior, is running for club chairman, and Lester Kahler, Holyrood junior, is seeking the first vice-chairmanship.
With KU Collegiate Young Republican club elections one week away, two candidates have announced their intentions to seek club offices.
They are running on the "Action Slate." Sharp said, "Many of us feel the KU club was not nearly active enough this year. We hope to be able to increase membership participation next year."
Sharp said his plans for next year would include "increasing club membership, obtaining nationally known speakers and originating public service projects in Lawrence."
Kahler was a voting delegate at this year's state and midwest CYR conventions. He was special events coordinator for a two county area in former Kansas Atty. Gen. William Ferguson's campaign for the Republican gubernatorial nomination.
Sharp is a graduate of the 1965 Young Republican National Leadership Training School in Washington, and was Chairman of the "Draft Miner for State CYR Chairman Committee" during this year's state CYR election. He is presently editor of the "Region VII CYR Action Report," a newsletter sent to all CYR club officers in a five state area.
Anti-U.S. Meeting Stopped by Soviets
TOKYO—(UPI) —Communist China said today Soviet police cracked down on an anti-American rally in Leningrad last month, arresting 82 North Vietnamese students and "wounding" seven.
On the other hand, if the innovation is successful, the quota for the factory will be raised the next year and the production quota for the following year will be even harder to meet.
The New China News Agency said the incident occurred on April 3. It said three of the Vietnamese students, one of them a girl, were seriously injured when the Russian police "savagely suppressed" the demonstration.
Since there are many flaws in the centrally planned economy of the communist nations, Shaffer said, a decentralization of production is now taking hold in Eastern Europe.
"Our capitalization has begun to turn toward the left," Shaffer said. "This is due to increased welfare systems and other government aid. However, the laissez-faire economic theory is still practiced, in part, in the United States and it does have its good points.
"Perhaps somewhere in between (the two economic theories) lies the right practical answer for the world. Perhaps somewhere in between lies the meeting ground on which East and West can meet for the benefits for all."
Creation of the Guy W, and Linda P. Smith lectureship in mathematics through a gift to the KU Endowment Association has been announced by the department of mathematics.
Lectureship Fund For Math Created
Guy W. Smith, emeritus professor and former department chairman, and Mrs. Smith established the endowment from which the income will bring a lecturer in mathematics to the campus annually.
G. Baley Price, department chairman, in announcing the Smith gift called it a "significant addition to the mathematics endowments which now provide about $7,000 annually for undergraduate scholarships."
A native of Castle Rock, Colo., Dr. Smith studied electrical engineering at the University of Colorado, but shifted to mathematics for graduate study at the University of Illinois where he earned the Ph.D. degree.
He joined the KU faculty in 1920 and served as chairman of the mathematics department 1946-51 when it underwent rapid and great expansion to accommodate the veterans returning from World War II.
Thursday, May 6, 1965
Students to Pick Queen At Law School Fun Day
The Law School students will hold their annual Fun Day commencement at 10:30 a.m., Saturday, May 15, at Fraser Hall.
"The discriminating and everwatchful eyes of all enterprising KU law students have been preparing themselves all year on the steps of Green Hall," Culp said, "so they should be in grand form for the two piece (bathing suit) competition."
Don Culp, Bridgetown, Mo., third year law student and president of the KU Student Bar Association, said that the opening event will be the Law School queen contest. He said that the selected queen candidate will reign as Miss "Res Ipsa Loquitur," which is a Latin term used in torts law meaning "The thing speaks for itself."
Following the queen contest, Culp said, the candidates for Student Bar Association President will give their campaign speeches. The two announced candidates are Charles Hewitt, Pratt second year law student, and Jack Duncan, Raytown,
Mo., first year law student, he said,
Culp said that after the campaign speeches, the program would turn to a satirical skit presented by third year law students, directed by Wayne Wallace, Wichita third year law student and third year class president.
THE AFTERNOON ACTIVITIES will commence at 1 o'clock Saturday and will be held at the farm of Prof. Oldfather. He added that a barn dance will be held in the evening in Prof. Oldfather's barn.
KU Director Dies
Funeral services will be held Friday at 2 p.m. in Colby for Claude E. Harrison, a member of the national board of directors of the KU Alumni Association since 1963, who died of an apparent heart attack at his home Tuesday. He was 55. He is survived by his wife, Alice; two sons, Sid and Philip, both KU graduates, and a third son still in high school.
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