Word: inflationitis
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Dates: during 1960-1969
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How then to avoid inflation? Last week men who presumably know business best, 543 executives at the annual meeting of the U.S. Chamber of Commerce, voted by an 18-to-l ratio to urge a slash in federal spending instead of a tax rise.
Gardner Ackley, chairman of the Pres ident's Council of Economic Advisers, told businessmen that they have no reason to raise prices, because they are earning so much already (see following story). Pointing out that profits after taxes jumped 88% between early 1961 and late 1965, he said: "It...
Speaking to a group of Polish Americans, President Johnson noted last week that some Communist countries are beginning to appreciate the value of the main motive force of the capitalist economy: profits. "In Eastern Europe," said he, "profits are coming to be understood as a better measure of productivity." Almost...
Ackley's prime point was that, in the five years of the U.S. prosperity explosion, profits have climbed twice as fast as the gross national product, personal income or wages, and they should not continue to do so. Such a profitable performance, said Ackley, means that "either prices have...
The plan does not spell out in detail how Europe is to achieve this growth-as, for instance, is done in the French national plan-but it does make some suggestions. Since labor is short in Europe, increased productivity will have to come from other sources. Unless they put more...