Word: economyâ
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Management of Demand. The key to achieving that, Keynes perceived, is to maintain constantly a high level of what he called "aggregate demand." To him, that meant the total of all demand in the economy???demand for consumption and for investment, for both private and public purposes. His inescapable conclusion was that, if private demand should flag and falter, then it had to be revived and stimulated by the only force strong enough to lift consumption: the government...
Nowhere was this more visible than in the U.S., where both business and government frequently based their most impor tant economic actions on the need to become more competitive in world markets. The turning point of the year for the U.S. economy???the great steel crisis?seemed a peculiarly domestic fuss. But when U.S. Steel Chairman Roger Blough decided to raise steel prices $6 a ton less than a week after his company had signed its first noninflationary labor contract since the Korean war. he used foreign competition as a justification for his move. Overseas competitors, paying lower wages...
...Revised estimates and supplemental items later advanced this to $4,112,000,000. To balance the Budget (exclusive of public debt retirement) a billion-odd dollars had to be raised by new taxation and another 200 millions saved in appropriations. Where and how was this economy???5% of the Budget?to be effected...
...Republicans in Congress are faced by a quandary: "We have promised the post office employes to increase their pay. If we don't, they will do for us certainly. We have promised to stand by Coolidge and economy???that means raising rates, second class in particular. If we do that, the press will jump on our necks...
Minister of Economy???A. D. Hamm...