Word: guideposts
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Dates: during 1960-1969
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...paper presented at the University of Chicago last Thursday. Dunlop argued that the Administration wastes its energy by reviewing all major wage and price changes with oversimplified guidepost standards. Instead, he said, the government should work with labor and management in certain "bottleneck" industries to prevent inflationary rises...
Dunlop asked for "a politically viable change in policy"--a change in emphasis in enforcing the guidepost idea. Instead of relegating sectors like construction and medical services to "a few paragraphs of advice in the Council of Economic Advisors" annual report," Dunlop recommended that the government begin detailed studies of industries where wages and prices are rising rapidly...
...Present guidepost policy recommends that all wages should rise at a rate of 3.2 per cent a year. Industries should raise their prices only when their costs rise faster than the national average. Dunlop found five ways in which the system falled...