Lecture delivered before the Taylor Society, New York City, December 4, 1931
IT is my desire in speaking on this subject first to indicate the reasons prompting the establishment of the Federal Coördinating Service, then to give an outline of the mechanism of the service and the results accomplished by it, and finally to express views regarding some of the larger problems with which coördination is confronted.
It is not within the scope of a paper on the guiding influences of coördination to discuss economics. We all know that men, money, material, and machines, together with merchandising methods and markets, are the elements of industrial civilization, and that in human problems the factors are interrelated in the most complex manner. In whatever degree we recognize that in economics and industry the law of supply and demand controls and adapts these elements, nevertheless we are warranted in seeking a more scientific regulation to prevent the wastage that accompanies the working out in time of any such general principle.