Word: econ
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Dates: during 1950-1959
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...first time in a major labor dispute, the Federal Govern ment had played a role consistent with the "partnership" theory of labor-management relations. The Administra tion, without public threats or posturing, made it clear to both sides that it would take action in the interests of the econ omy if the shutdown continued much longer. Then, having made its point, it re lied both on economic and moral pressure to bring about a voluntary settlement...
Despite the errors, the broad, long-term predictions have been far closer to target today than they were in the pre-World War II period. Major reason is the ever-increasing range and volume of information on the econ omy. As chairman of the President's Council of Economic Advisers, Arthur Burns has greatly speeded the flow of vital statistics from marketplace to slide rule; e.g., housing trends, long forecast by the volume of construction starts, are now tracked months earlier on the basis of mortgage applications. Burns helped devise two of the profession's widely used yardsticks...
What worries businessmen, whose memories of 1954's recession are still fresh, is that FRB's credit brakes might have too harsh an effect on the econ omy, curb the industrial expansion that is now taking up the slack left by the auto industry. But FRB is watching the situation closely, and is ready to change at the first real sign of trouble. With its many monetary tools, it does not necessarily have to make money cheaper by relaxing the discount rate in order to ease credit. It may simply expand the money supply by stepping up purchases...
...that returned them to power, the Tories have held all their own seats (15) and won one hitherto-safe Labor seat-the first time in 29 years that a government has taken a seat from the opposition in a by-election. The record, said London's Econ omist judiciously, "is something of a triumph" for Churchill's government...
...scale reductions : defense. The smaller defense budget was made possible by Eisenhower's "new look" military program (see below), based on air-atomic power. In nondefense opera tions with flexible costs, which get only 10% of the budget, most of the reductions were the result of hard-bitten econ omy in operations. Some heralded the transfer of certain responsibilities to local governments, or to private enterprise, e.g., rural electrification was cut in the belief that private utilities can now do the job. For all of these nondefense opera tions where costs are not fixed, the President's proposed...