Word: amounting
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Dates: during 1970-1979
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...entertainment, depending on their individual ranks, in addition to their salaries of $122,000 to $145,000, they exceeded their allowances by 24%, according to the audit. Stung by the charge, Jenkins issued a denial, arguing that the auditors were wrong in calling the 24% an "overrun." The total amount spent, $376,000, he said, was still less than the $381,300 he claimed the European Parliament had allocated for entertainment by the commissioners. But Jenkins promised to publish quickly the commission's response to the audit as well as "a review of all existing practices and procedures...
...reducing government spending. But that required a degree of wisdom seldom seen in the spend-and-spend, elect-and-elect politicians of a democracy. Apostles of Keynes contended that to maintain the proper level of demand, the Government regularly had to "fine-tune" the economy with just the right amount of stimulus, either tax cuts or spending increases, or maybe both at once. As Feldstein puts it, the nonstop jiggling and juggling amounted to "an embellishment of Keynes beyond anything that he had claimed...
...France, Premier Raymond Barre is scrapping much of the policy, which dates back to Louis XIV, that the government should determine the amount of investment and fix prices. Controls on goods from bread to books, from steel to cars, have been freed. State-owned companies, which control more than 25% of France's economy, have been instructed to operate as if they were private enterprises by relying less on subsidies and making a determined effort to turn a profit...
ROBERT LUCAS, 41. The "rational expectations" economists hold that short-term policy jiggering cannot outsmart human ingenuity, or, you can't fool all the people even some of the time. One principal in this school is Lucas of the University of Chicago. Says he: "The real amount of goods and services available cannot be manipulated effectively by short-term market interferences. Such policies are based on the premise that we, the Government, can make people work harder, invest more or perform some other desired objective. But people are skeptical, so such policies do not work any more. The public...
...busts of Ho are available at the Fine Arts Emporium. An elegant photography studio hints at Hanoi's genteel past, but the only examples of the proprietor's craft are dusty portraits of Ho, Che Guevara and Jane Fonda. Inside the massive central department store, no amount of artful deployment of bicycle parts and condensed milk can hide the fact that little is being produced for public consumption. While officials claim that more than 20% of the economy works on an "open market" basis, the only items private hawkers sell are vegetables, spices and such miscellany as incense...