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...well founded is this distrust? Officials maintain that illegal price hikes have not been widespread, yet their own figures raise some doubt. Wholesale prices have dipped slightly the past two months, but in September, the first full month of the freeze, the consumer price index went up .2% nationally. In New York it climbed .5%, and in Philadelphia .9%. Paul W. McCracken, chairman of the President's Council of Economic Advisers, has started an investigation...
...signs, there were also brighter portents. In a significant measurement of the effectiveness of the freeze, the Commerce Department announced that the overall rate of inflation dropped from an annual rate of 4% in the second quarter to 31% in the third quarter. And in September the consumer price index climbed by only .2%, or about half the rate of the previous six months. Meanwhile, New York's First National City Bank estimated that U.S. corporate profits after taxes in the third quarter climbed by 8% compared with the same period last year...
...index of development, growth of Gross National Product (GNP), Pakistan appeared to be succeeding. Large amounts of foreign aid were directed to the country (the U.S. provided about half the total amount, which since 1963 has been between $400 million and $500 million annually) and the GNP responded, increasing about 5 per cent a year since 1959-60. Yet another index of economic progress--the degree of income inequality within Pakistan--contradicts the optimism of the GNP statistics. Income distribution within the country has grown steadily unequal over the past 20 years. According to a February, 1971 Trans-Action magazine...
...elitist route to development functioned along with other dynamics (notably, US military aid) to create a monster--a powerful, centralized West Pakistani military dictatorship backed by a concentrated economic elite--a dictatorship that today commits genocide with impunity. Examining the GNP as an index of national welfare instead of examining the distribution of welfare, the employment of economic policies while ignoring their political consequences, and the insistence on developing through a capitalist elite instead of through socialist mass participation;--all were tragic mistakes made by development planners in Pakistan...
...vowed that in the future the DAS will pay more attention to income distribution figures rather than relying solely on the GNP as an index of development progress. He added that "we are starting to recognize the political implications of economic growth...