Word: indexable
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Above all, there is no accord on the gut issue of how high or how low prices should be stabilized under any new agreements. Many developing nations, for example, want to "index" raw materials prices to the trend of world prices for all kinds of goods as a method of transferring wealth from rich countries to poor lands. The U.S. and most other industrial nations fear that indexing would touch off a permanent runaway inflation that would hurt the whole world. For that matter, there is not even agreement within the Administration on how conciliatory U.S. policy should be. Kissinger...
Using a new statistical telescope, Government economists peered into the future of the economy last week and found the strongest evidence yet that the long-awaited recovery should begin soon, perhaps even this month. They published for the first time a drastically revised index of twelve leading indicators-measures of economic activity that tend to turn up or down ahead of the general economy-calculated back to 1948. Result: after dropping for eleven straight months, the index rose 1% in March and 4.2% in April; the April increase was the largest on record. Looking back over their calculations, the statisticians...
...inflation, in fact, that originally necessitated the creation of the new index of leading indicators. The old index proved trustworthy from its inception in 1948 until about 1970, but from then on it was badly distorted by accelerating price increases; they pushed some components of the old index, like new orders for durable goods, higher than the actual level of business activity would have warranted. For the past 2½ years, Commerce Department statisticians have been overhauling the index, calculating some components in terms of constant 1967 dollars to remove the effects of inflation, throwing out some old measures...
...many more such agreements might be concluded remains to be seen. The Shah of Iran and many Third World leaders want to "index" raw-materials prices to rates of inflation in the West so that commodity prices will rise as much as the prices of manufactured goods. Kissinger flatly opposes that idea, contending that it would hurt the poorest, most populous nations, which import more raw materials than they export. It is doubtful too that the new U.S. willingness to consider stabilization agreements will diminish commodity producers' desire to form cartels that set prices arbitrarily. Nonetheless, international bodies such...
...typical disregard for mere historical fact, Hicks has substituted a hedge for the wall that surrounds the burying ground. But then, Hicks has no great interest in natural fact either. The "elm" under which Penn was supposed to have made his deal with the Indians conforms to no botanical index and varies from painting to painting as it suits Hicks' compositional purposes...