Word: economists
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Dates: during 1970-1979
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These are not isolated examples. According to Economist Albert Niemi of the University of Georgia, between 1950 and 1975, the rate of economic expansion in the South averaged 4.4% annually, v. 3.4% for the U.S. as a whole. The main thrust at first came from an increase in manufacturing. Since 1970, however, service industries, such as banking, real estate and retail trade, have been the fastest growing. They now provide the region with 54% of its gross product, up from...
...region is now well on the way to full recovery. Says Economist Ratajczak: "Next year half of the states in the South will have exceeded the 1974 peak in payroll employment from manufacturing, whereas most of the other states in the U.S. will still be behind." Despite worry that the sweeping development of the region could eventually hurt the environment and the South's unhurried style of living, the mood is optimistic. The feeling is that whatever problems the future holds, the region is finally moving out of the shadow of the North and into a bright...
...first time in the 18 years since Charles de Gaulle's Fifth Republic swept to power, his followers no longer controlled the premiership in France. Giscard handed on the title to a highly respected but apolitical economist, Raymond Barre, thus making it clear that the President intended to keep all the reins of power firmly in his own hands. That was quite in keeping with the tradition of the Gaullist "presidential regime." But Giscard could count on unflagging support only from the 121 members of his tiny Independent Republican Party and its centrist allies, while the Gaullists still control...
...notable in the world of Gaullist grandeur for living in a small, book-lined apartment, driving an old Citroën and carrying his own luggage. A portly ex-professor, Barre is highly regarded in academic circles for his textbook entitled Economic Politique. Giscard called him "the best economist in France and therefore the best man to fight the inflation." Barre is expected to initiate spartan economic measures, like higher interest rates and guidelines limiting price and wage increases, in an effort to restore monetary stability. To that end, he reserved the Economy and Finance portfolio in the Cabinet...
...example, in 1975 and 1976, German labor unions renounced wage hikes that would have increased the buying power of German workers. Given the current rates of inflation, the decision represented a deterioration in labor's standard of living. Commenting on this remarkable economic behavior, one German economist said, "German labor unions see unemployment as the inevitable result of the international economic recession. They accept the fact that in order to remain competitive in the international market, German firms must raise their productivity and this may easily mean a greater number of lay-offs. German labor unions believe that...