Word: economisters
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Dates: during 1950-1959
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Young's testimony was doubly significant because it came just after disclosure of a statement by the Administration's chief economist, Raymond J. Saulnier, that price increases not only aggravated the recession but contributed greatly to causing it: "These price increases were a major factor in limiting demand." Saulnier singled out for attack the rises in "heavy industries and those producing automobiles and other consumer durables." What worried Washington now was that industrial prices have started to inch up sooner than usual for a recession-recovery period. Though the consumer price index has remained fairly stable since...
Against him, some U.S. economists argue that to equate past and present price upcreep is unsound, that creeping inflation is a graver menace than it used to be. Economist Burns points out that the past few decades have gradually brought two new inflationary factors into the U.S.'s economic structure: 1) Big Labor's power to force wages up even when demand is falling, and 2) Big Business' tendency to eliminate price competition, set profitable "administered prices," and restrict cornpetition to quality, styling, service, etc. The combined result, says Burns, is that instead of slipping downward when...
...begun: because of the threat of trouble, "security forces had been obliged to open fire," and the casualty lists followed. Force could not make Nyasaland accept the domination it feared from Southern Rhodesia. Many predicted the end of federation. But this was no answer, argued London's Economist. Poor Nyasaland would become a "rural slum"; self-governing Southern Rhodesia, isolated, would become a satellite of South Africa, and Africa might be split between African and white at the Zambezi River, with ominous consequences. Was it too late to arrest the trend? In London, Prime Minister Harold Macmillan...
...Downing Street. But no one could have taken issue with the straightness of the second part. Probably not since Wilberforce has Britain had a more dedicated reformer, and last week, from the leftist New Statesman ("Here it is at last-and no anticlimax either") to the conservative Economist ("The Home Office deserves unstinting congratulations"), the press was singing his praises. Reason: Rab Butler's long-awaited White Paper on the condition of Britain's major prisons...
...taxes as an encouragement to both business and consumers. Even the A.F.L.-C.I.O.'s Ruttenberg admits that tax cuts "worked" when the Administration chopped taxes $7.5 billion in 1954: the next year's growth was 8%. How to cut taxes and still maintain vitally important defense programs? Economist Slichter thinks it is just a matter of "common sense," starting with the $5.3 billion farm subsidy. Says Slichter: "The farm subsidies are just plain corruption...