Word: free-market
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...free-market price of gold in London touched a historic high of $94 an ounce and closed at $85, up 24% just since the devaluation and 119% in the past two years. That price has economic impact only on miners, jewelers and industrial users of the metal, since the value of the dollar is no longer tied to gold. But as a barometer of speculative sentiment the gold market was clearly registering a landslide vote of no confidence in the dollar. The only major exchange market that was quiet throughout the week was Tokyo, where bids and offers for dollars...
Getting the U.S. ships ready and moving will be not only time consuming but also expensive for the American taxpayer. The Russians will pay the world free-market shipping rate, currently $10.50 per ton; under the Merchant Marine Act of 1970 Washington will pay ship operators an additional $8 to $10 a ton in subsidies necessitated by the American lines' high costs. In a complex rebate deal, the shipowners will have to pay back part of the profit they make as a result of the subsidy, but the business still promises to be lucrative. Right now, subsidy applications from...
Kosters sees controls as a kind of collapsible boat, to be used in an emergency, then folded up and put away completely. He received his Ph.D. from the University of Chicago, the bastion of Milton Friedman's extreme free-market economics. And that, Kosters observes dryly, "leaves no one unmarked." He worked for five years for the Rand Corp., later for the Council of Economic Advisers, and then the Labor Department until Nixon started the COLC...
...start of Phase II Kosters felt that many unions were entitled to substantial pay increases in order to catch up with past price inflation. But he urged that the line be drawn against aerospace workers when they won a big pay hike. To Kosters, the boost defied free-market economics: heavy layoffs in aerospace dictated modest increases, but pay was rising sharply because historically it had followed auto-industry wages. If wage inflation cannot be held down in an industry with an oversupply of labor, Kosters argued, it cannot be held down anywhere. The Pay Board shaved the aerospace rise...
Many investors might be attracted to this cut-rate gold trading. Since 1968 the price of "free-market" gold-that is, the bullion not held in monetary reserves but used for industrial purposes and speculation-has shot to historic highs. It is now $67.10 an ounce, v. the "official" price of $38 for the gold held by nations in their reserves. Last week Treasury Under Secretary Paul Volcker reiterated U.S. determination to keep the official rate steady, despite the desire of France and South Africa to raise it once again...