Word: growths
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Dates: during 1970-1979
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...Reserve continued its now discarded practice of trying to manage the money supply by juggling interest rates Reason: in a slowdown, demand for money necessarily eases off at least somewhat and interest rates subside. But to keep those rates stable, the Fed would wind up slowing and slowing the growth of money until suddenly it would be creating nowhere near enough new money...
...often forced the board to pump more funds into the economy than it wanted to, thus aggravating inflation. "Now that they are focusing on central control of [banking] reserves," he says, "and assuming they follow through, I think it assures that we are going to have more stable money growth." Sprinkel adds that the new policy will reduce the inflationary expectations of consumers, businessmen and domestic and foreign financiers. "If you can get expectations down sooner," says he, "the cost of the renewed recession will be less severe than if those expectations had not been dented...
...approach we adopt, the better chance we have to succeed, to turn the corner. I am very encouraged that part of Volcker's approach is an attempt to deal also with the problems posed by the Eurocurrency market. He emphasized more than before the rate of money supply growth on this market, rather than interest rates. That is the right emphasis...
...alternative path to development, very different from the old traditional British model that hasn't worked too well." Years after independence, former British colonies remain, almost without exception, poorly endowed with natural resources and handicapped by single-commodity, export-oriented economies that present few opportunities for rapid growth or full employment. Unemployment in the 22 Caribbean nations averages 40%. Millions of their citizens, including thousands of Haitian boat people, have made their way to jobs in America...
Innovation means more than just new air-blown popcorn poppers or home computer games for a society already overrun with gadgets. America's dismal economic record over the past decade largely reflects the decline of research and new product development. Growth in productivity, which measures a worker's output per hour, depends upon new machines and industrial processes that help the worker produce more. While U.S. productivity increased at a rate of 3.1% annually from 1955 to 1965, it increased at only 2.3% from 1965 to 1973. So far this year, productivity has been declining at an annual...