Word: ackley
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...Gardner Ackley, chairman of the Pres ident's Council of Economic Advisers, told businessmen that they have no reason to raise prices, because they are earning so much already (see following story). Pointing out that profits after taxes jumped 88% between early 1961 and late 1965, he said: "It is time to ask whether a further rise in the share of profits in the national income is in the interest either of the health of the nation's economy or in the interest of business itself." Treasury Secretary Henry Fowler declared that the economic outlook is so uncertain...
...Announcement. The news from Washington and Detroit gave Wall Street's nervous investors an excuse to sell more furiously. The Dow-Jones industrial average worried off ten points after Ackley's critique of profits, continued down after Martin's endorsement of higher taxes, plunged another 26 points in 1½ trading sessions after G.M.'s disclosure of a production cutback, falling to an intraday...
...last week that some Communist countries are beginning to appreciate the value of the main motive force of the capitalist economy: profits. "In Eastern Europe," said he, "profits are coming to be understood as a better measure of productivity." Almost as the President was speaking, his top economist, Gardner Ackley, was publicly faulting U.S. corporate profits. Indeed, much of the current nervousness in the stock market and most of the worry among businessmen stem from fear that whatever the Administration does to fight inflation-through taxes, credit policy or controls -will somehow be aimed mainly at business profits...
...Ackley's prime point was that, in the five years of the U.S. prosperity explosion, profits have climbed twice as fast as the gross national product, personal income or wages, and they should not continue to do so. Such a profitable performance, said Ackley, means that "either prices have been raised more than costs, or prices have not been reduced where costs have fallen." And so, if businessmen continue to raise prices to increase their profit margins, then labor will make far more extravagant demands-and inflation will take off unfettered...
Unemployment in the U.S., at latest count, stands at 3.7% of the labor force, lowest since the Korean War. Gardner Ackley, chairman of the President's Council of Economic Advisers, recently called the developing labor shortage the U.S.'s single most serious inflationary threat. That the shortage is already critical in many areas has now become abundantly evident across the nation...