Word: growth
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Dates: during 1960-1969
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...deal to do with the uncertain history of the development of man's only major biological specialization-his brain. From a scratch start with the simians, this marvelous cultural device grew threefold in man in one million years-an evolutionary rate of unprecedented rapidity. Asks Fox: "Did the growth of the brain lead to the capacity for greater social complexity, or vice versa...
...computer, an IBM 360/65, is a third generation machine which will replace the current second generation machine. David S. Dix, associate director of the Harvard Computing Center, said that "the growth of interest in computing has led to projects which just can't be done on the old machine...
Friedman's main point is that the Reserve Board should simply let the money supply grow at a constant rate of about 5% a year, in line with the real growth of the nation's output of goods and services. An increasing number of experts agree with him. Last summer the congressional Joint Economic Committee urged the Federal Reserve to expand the money supply no less than 2% and no more than 6% a year. Last week 40 out of 71 economists who responded to a survey by a House subcommittee urged the Reserve Board to increase...
...vulnerability of some so-called "growth stocks" shows up in the ratio between share prices and corporate earnings. Such issues now sell in the over-the-counter market at an average of 40 times their per-share profits, a height last reached shortly before the market's 1962 plunge. Since 1966, the average price-earnings ratio of American Exchange stocks has jumped from 10-1 to 26-1. By contrast, the Dow-Jones industrial average finished 1968 at a level only 16.7 times the average per-share earnings of its stocks, down from 17.2 a year earlier. The decline...
...give Washington an extra $11 billion in catch-up payments for the second quarter of 1968, when the 10% income-tax surcharge was not withheld from salaries. With a shrinking federal deficit also sucking steam from the economy, Wall Street is looking for a noticeable slowdown in U.S. business growth over the next few months. While that may hurt for a while, it should lead to less inflation and easier money. Brokers hope that it will also mean a healthier market, but that prognosis is far from unanimous...