Word: growths
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Dates: during 1970-1979
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During most of the 1960s, the U.S. enjoyed rapid economic growth combined with both low unemployment and low inflation. But in the 1970s the economy has been plagued by inadequate expansion, persistently high unemployment and galloping inflation; indeed last week the Labor Department set the rise in consumer prices for all of 1978 at a full 9%, making it the second most inflationary year in the past three decades.* Why the enormous difference between the fat Sixties and the souring Seventies? Though no single factor can be assigned all the blame, one trend is now being recognized as supremely important...
Through the 1960s, output per man-hour worked?the conventional, though not entirely adequate, way by which productivity is measured?rose on average about 3% a year, a healthy pace that had been maintained since shortly after World War II. In the '70s, productivity growth has averaged only about half that. Some economists long hoped that the slowdown was a cyclical fluke, caused mainly by the recessions of 1970 and 1973-75 (recessions always hurt productivity because companies run high-powered machinery at a slow pace and keep on the payroll workers who do not have much...
...than production rose. But in the long run, low productivity hurts employment too. In the 1960s, it was thought that the economy could grow 4% each year without setting off a burst of demand-pull inflation. Mostly because of the collapse in productivity, the Administration now reckons the safe-growth ceiling to be 3%. An economy growing that slowly cannot create enough jobs for all the people who are looking for work...
...increasing attention to complying with health and safety rules, rather than buying productive machinery and figuring out more efficient operating methods. Though lives undoubtedly have been saved and the air and water cleansed, the price has been high. The CEA estimates that regulation may be cutting annual nonfarm productivity growth by four-tenths of a percentage point...
Chalmers also said that growth of the solar contribution to electricity generation beyond the one per cent figure cited by the Ehrenreich study might be possible if the government provided a guaranteed market at a guaranteed price to the solar industry...