Word: growth
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Dates: during 1950-1959
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Bent on grappling with the problem of price upcreep, President Eisenhower last week handed Vice President Nixon a job that was part plum, part hot potato. Richard Milhous Nixon's new post, his first major executive responsibility: chairman of a new Cabinet Committee on Price Stability for Economic Growth, with a franchise to 1) study the labor and management factors pushing up costs and prices, and 2) "strive to build a better understanding" of inflation and the public and private policies needed to curb...
...William Smith Clark the ambitious growth would be satisfying; so would the new student union (the first one in Japan) and the faculty-exchange program carried on with the University of Massachusetts. But possibly even more pleasing would be the sight of young Japanese scholars pursuing knowledge with Yankee vigor. When frostbite threatens in a Hokkaido lecture hall-outside temperature sometimes reaches 40° below and that indoors is often only somewhat more temperate-the sufferer rushes outdoors, rubs his ears hard with snow, then bundles right back to resume his notetaking...
...history of the U.S. economy supports this view. Through times of tremendous growth and prosperity the U.S. economy has always had "normal'' inflation -and the alternative has too often been depression. The best long-range measure of inflation is the wholesale price index, which has been recorded conscientiously by the Government since 1890 and projected back as far as 1749. The index shows that prices have generally risen in times of prosperity or of war, fallen in times of depression. During the severe depression of the early 1890s U.S. prices hit their lowest level in history...
...Priority. Everybody agrees that there is no economic growth in times of deflation. But some economists worry that accepting inflation as inevitable may create great dangers for the economy. "The trouble with a little inflation," says a high Treasury Department official, "is that it tends to accelerate because people will count on it as a way of life. If people resign themselves to it, that makes for false decisions, distortions of value, and an overbuilt, overbought economy that will end up in collapse and controls...
...fast-rising Cook Electric, the Nepal contract is the kind of offbeat challenge on which it thrives. Building its growth on tough jobs that discourage competitors, Cook has pushed its sales from $350,000 in 1939 to $30.1 million in fiscal 1958. Along with sales, it has also built one of the top scientific organizations in the U.S. Says Cook's energetic President Walter C. Hasselhorn: "I don't get excited over assets. I get excited over men, abilities and talent...