Word: indexers
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Dates: during 1960-1969
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NATHAN: I think that a meaningful turndown in the consumer price index is not going to be visible for another six months or eight months. We have built in a set of developments that we are not going to get rid of very easily. Almost every Government regulatory commission is literally inundated. They are almost impossibly burdened with handling the consequences of the very substantial rise in interest rates and other costs. This is just one manifestation of the pervasive nature of inflation...
...MacEwan tell us also, however, that per capita income "only has meaning in the context of a market economy." Defective as data on per capita income must be for a less developed economy. Bowles and MacEwan cannot really be urging here what they seem to be: that that index not be compiled and its increase not be sought. Moreover, as the primers teach, if income equality is stressed very much, incentives and bence output per capita may suffer. Just what is the trade off and where should a balance be struck between these two desiderata? These regrettably are thorny questions...
...example, Western economists tend to assume that the primary objective of poor countries is and should be the maximization of per capita income. This economic index has meaning only in the context of a market economy and implies an acceptance of the status quo income distribution. Egalitarian goals are introduced at best on an ad hoc basis, and the human costs of rapid economic growth-the fracture of community, for example-are seldom considered. A companion objective typically assumed for poor countries, that of "political development." aims at little more than convergence with western political system. Thus, the conventional confines...
Finally, in 1965, she started three years of research on Mary, digging through libraries in England, France and Scotland and revisiting most of the sites of Mary's life. During the third year, pregnant with her sixth child, she sometimes toppled over when lifting heavy index files in libraries, and once fainted in the British Museum. Six weeks after the birth of the child, she sat down in a little study partitioned off from her bedroom and in seven months wrote the 250,000-word manuscript. Drafts in progress were pinned to her husband's pillow at night...
...cost-of-living argument, however, overlooks a more important index-the standard of living, which in Britain is sagging relative to that of the faster-growing Common Market countries. Foreign Secretary Michael Stewart, who addressed Labor journalists covering the Brighton conference, strongly emphasized that point. Britain, he said, is still anxious to enjoy Market membership so as to stimulate export trade, gain access to a guaranteed market and improve technological cooperation. At the same time, he stressed, "we are resolute applicants, we are in no sense suppliants...