Word: boom
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Dates: during 1970-1979
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...country is approaching the otherside of the baby boom. Those first postwar children are now 33- or closer to the still common retirement age of 65 than to birth- and the balance of the economy is shifting rapidly. In the future, far fewer workers will be supporting far more retired people. In 1950 the worker-to-retiree ratio was 7.5 to 1; to day it is 5.4 to 1. By 2030, when the baby boomers will be rocking away on the veranda, the ratio will be 3.1 to 1. Under Social Security, payments from current workers back the checks that...
Supply economics began to reemerge during the worldwide boom of 1971-73, when food, steel, chemicals and other basic industrial materials became scarce, helping to trigger the worldwide inflation. The initial intellectual reponse to that situation was a renewed call for economic planning: if industrial bottlenecks or world food supplies are the cause of inflation, then a more careful planning of capacity and production seems only logical. Not much came of this initiative as the economy sank into recession and slow growth, though traces of the planning philosophy can be found in the legislation that was finally passed under...
Where do the troublesome middle-of-the-roaders, usually identified as the main stream, stand on supply economics? Supply is the dominant determinant of the current business cycle. The economy is entering recession because the previous boom bounced against the supply constraints of industrial capacity and energy. It was not just Iran which created the gas lines but a more permanent use of energy beyond available supplies. Indeed, the double-digit inflation was created before the recent round of oil troubles, originating in a general shortfall of industrial capacity and renewed food troubles...
...there when the market explodes on the upside." That is widely expected to occur when inflation, interest rates and the dollar show signs of moving in the right direction. As Christopher Johnson of Lloyds Bank in Britain says of Wall Street's future: "There is a boom market out there, but not for a few more months...
...Telex right down to the deadline." At the U.S. Treasury auction last month, Dresdner's bid came in just high enough to win, and a Swiss competitor's offer failed by only 20? per oz. One clear moral: private investors who hope to benefit from the bullion boom will have a hard time matching wits against the professionals...