Word: equilibrium
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...however, did not receive the Economics Nobel for his lucid explanations of the ins and outs of demand and supply curves. The Swedish Academy of Science jointly awarded the $98,000 prize to Arrow and his theoretical mentor. Sir John Hicks of Oxford University, for their "pioneering contribution to equilibrium theory and welfare theory...
...them drawing close together merely on the basis of being Asian." Peking wants some specific things from Tokyo, notably access to Japan's modern technology. But the two capitals are mainly concerned with each other's place in Asia's emerging four-power equilibrium. The Chinese, who opened the way to last week's summit, worry that that delicate balance could be upset by the Soviets. On the one hand, Moscow has 50 divisions poised on the Chinese border; on the other, it is courting the favors of China's historic Asian rival, Japan, with...
...values of all currencies, including the dollar, would bob up and down frequently by means of small devaluations and revaluations. Countries that ran persistent balance of payments surpluses, as well as those that suffered endless deficits, would be subject to international pressure to get back into equilibrium...
This status quo prescription-the report calls it "global equilibrium"-is as chilling as the doomsday prophecy. Halting economic growth is not merely a matter of the already affluent giving up such frills as electric toothbrushes or power windows. Sacrifices would be made by the poor, who have not yet collected the benefits of the industrial revolution. Economic growth does not necessarily guarantee that the unemployed Mississippi Delta black or the Vietnamese peasant will some day enjoy a balanced diet or a private room. But stopping growth could all too easily foreclose even the possibility...
...past 25 years made essential contributions to the understanding of modern art in America. "It's my way of being social, rather than going to cocktail parties," he says. "It's also an excellent relief from the anguish of painting-an attempt to regain my social equilibrium and to give back to society something of what it has so generously given me: education, respect, dignity, artistic freedom." Thus he is the opposite of the cliché that stuck to Abstract Expressionism-the artist as roaring boy, trapped and goaded by his own tragic energies, armed with much myth...