Word: holdful
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Dates: during 1970-1979
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Economists, proud and powerful in the 1960s, now look like Napoleon's generals decamping from Moscow. Their past prescriptions ?tax tinkering and Government deficit spending to prop up demand, wage and price guidelines to hold down inflation?have been as helpful as snake oil. "Things just do not work now as they used to," says former Federal Reserve Chairman Arthur Burns, and who can contradict him? The U.S. economy, bloated and immobilized, has been turned topsy-turvy...
ROBERT LUCAS, 41. The "rational expectations" economists hold that short-term policy jiggering cannot outsmart human ingenuity, or, you can't fool all the people even some of the time. One principal in this school is Lucas of the University of Chicago. Says he: "The real amount of goods and services available cannot be manipulated effectively by short-term market interferences. Such policies are based on the premise that we, the Government, can make people work harder, invest more or perform some other desired objective. But people are skeptical, so such policies do not work any more. The public...
Chicago Attorney John Kennelly, 62, an air crash expert who has so far filed suits on behalf of the relatives of 22 victims in the Chicago crash, charges that the insurers traditionally stretch out the litigation to hold on for as long as possible to the large sums of money they will inevitably have to pay out. The interest on the money alone is worth millions; Kennelly argues that that interest should be added to the final award...
...Fellini. In the film's first half, a visiting TV documentary team interviews the musicians and gets a lively response. A flutist turns a cartwheel. A drummer attacks the piano as a "chatterbox." An insomniac trumpeter confides that with his instrument, "a clinker is death." Once anarchy takes hold, however, the idiosyncratic individuals are drowned out by the director's spectacle...
This is incomplete knowledge because it is only rational. We hold back from the leap of despair that would let us see that human society always carries within it the capacity to commit such butcheries and think well of itself. Yet as World War II recedes into the past, the death camps have become part of the common memory of those who were neither victims nor executioners, but who share uncomfortably the humanity of each...