Word: crowtherisms
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Last week they found a man to direct the job. Their choice: John Davenport, a member of FORTUNE'S board of editors since 1937, longtime friend of London Economist Editor Geoffrey Crowther. Lean, intense and articulate, new Editor Davenport, 45, is a Yaleman ('26), yachtsman (he sails his own 45-ft. cutter) and an alumnus of the New York World...
...When Geoffrey Crowther, editor of London's Economist, first coined the word (in LIFE last June 7), he gave it a different meaning: a state of the economy in which there is "more of a decline in prices than in wages...
...Crowther thought the situation was best described by a Little Rock (Ark.) newsman who used a term he had learned in wartime radar work: "American business is at a trembling top."* That "wonderfully expressive phrase," said Crowther, exactly describes how the indexes of prices, sales and national income have risen to a top "higher than anybody believed possible, and for months have stayed there . . . just quivering up and down." It also described the "strangely apprehensive mood that I found wherever I went...
Flip a Coin. As puzzled at the end of his tour as at the beginning, Economist Crowther said "almost every piece of evidence can be interpreted either way." He illustrated this bothersome ambivalence with an imaginary debate between a Pessimist and an Optimist. Samples...
...Just Yet. After listening carefully to his own debate, Economist Crowther ventured the "very tentative and timid" conclusion that the curves of prices, production and employment "will not go any higher," will turn down "sooner or later." When? "My reason, based on study of the available facts, says not just yet. My instinct says...