I can, perhaps,
illustrate it best by the analogy of the household in which the chief
earner or the head of the family has been stricken down by illness. It
may be that a heavy doctor's bill or surgeon's fee has to be met, and
that this represents a serious burden and involves the strictest economy
for a year or two; that all members of the household forgo some
luxuries, and that there is a cessation of saving and perhaps a "cut"
into some past accumulations. But once these heroic measures have been
taken and the burden lifted, and the chief earner resumes his
occupation, things proceed on the same scale and plan as before. It may
be, however, that the illness or operation permanently impairs his
earning power, and that the changes which have to be made must be more
drastic and permanent. Then perhaps would come an alteration of the
whole ground plan of the life of that family, the removal to a smaller
house with lower standing charges and a changed standard of living. What
I call the "short period" problem involves a view only of the current
year and the immediate future for the purpose of ascertaining whether we
can make ends meet by temporary self-denial.
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