Word: labor
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Dates: during 1960-1969
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...paper presented at the University of Chicago last Thursday. Dunlop argued that the Administration wastes its energy by reviewing all major wage and price changes with oversimplified guidepost standards. Instead, he said, the government should work with labor and management in certain "bottleneck" industries to prevent inflationary rises...
Government officials then could meet with labor and management in the "bottleneck" sectors and suggest specialized anti-inflationary policies which fit the specific industries...
...Both business and labor leaders actively oppose the guideposts. They had no role in drafting the policy and have used the guide posts primarily "to fortify a weak position in collective bargaining." As a result the guidelines have held back price increases only "to a small degree" and have had "no independent restraining influence" on wage chances...
...guideposts are expressed in such general terms that they mean almost nothing to private decision-makers. In labor-management disputes over wage rises, labor shortages, ability to pay, and bargaining power mean far more than the guideposts. This is particularly true because the government has never given mediators a clear statement on how strictly the general rules must be enforced...
What's Cooking. Inflation seems certain to continue, though at a slower rate. Last week the Labor Department reported that the consumer price index, which advanced 0.6 of a point in February, went up another 0.4 of a point in March, to a record 112% of the 1957-59 average. Federal economists expect prices this year to rise 3%, compared with 1.7% in 1965. Tags on services, soft goods and industrial goods will go up, but such consumer durables as cars and appliances will hold fairly steady; contrary to many rosy predictions, food prices will not drop...