Word: bosworth
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...Bosworth said that a recession, "would create a pool of unemployed at the rate of one million people for every percentage point of inflation reduced...
However, Hendrik S. Houthakker, Lee Professor of Economics and one of three panelists responding to Bosworth, said that inflation was caused not by a "get even" mentality but instead by the "simple matter of too much money chasing too few goods...
...problem of inflation has gotten so severe that all cures are beginning to look worse than the disease, Barry Bosworth, former director of the Council on Wage and Price Study told a large crowd at the Kennedy School of Government last night...
...Most of us imagine that inflation is getting better, but actually the undercurrent of inflationary momentum will soon drive the basic minimum rate of inflation above ten per cent per year," Bosworth said...
...Bosworth said Americans must be willing to adopt an approach to fighting inflation which goes beyond considerations of fiscal and monetary policy...