Word: inflationitis
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Dates: during 1960-1969
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Death & Burial. Around the U.S., there exists what California Pollster Mervin Field describes as "a general uneasiness"-over Viet Nam, high prices, an ever-rising crime rate, the seeming ineradicability of poverty, the restlessness of the younger generation, the increasing use of a whole pharmacopoeia of drugs, from pot to...
Most of us who take Ec 1 enter the course expecting an objective account of basic economic principles, and anticipating discussions of various alternative economic policies. And most of us come out of the course thinking we've gotten just that. The course readings attempt carefully to distinguish between economic...
Aside from such areas which are completely ignored and others which are treated as non-debatable, there is in sufficient controversy in even those limited areas now debated. The readings on inflation range from an article in the business magazine Fortune to a discussion of the guideposts by conservative economist...
At the Fed, Martin was unhesitating about applying monetary brakes whenever he saw inflation threatening-as, for example, during the Korean War and again last year. Yet it was under Martin that the FRB provided much of the stimulus for the 1960-65 boom by expanding credit and increasing the...
Salting the Wound. Whatever the President's decision, it is not difficult to understand his reluctance to keep Martin around. In 1965 and election year 1966, the Johnson Administration shied away from the higher taxes or lower expenditures that seemed necessary to arrest inflation. But if the Administration was...