Word: laboration
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Dates: during 1970-1979
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...choose foreign locations over domestic is the real problem with investment in America. Given the massive political uncertaincies inherent in many foreign nations, it is dubious that a few percentage points of doubt present in the U.S. are decisive. Far more important are the basic factor costs of labor, capital, materials, and land in real terms. U.S. deficit spending does not affect the wage of factory workers in Taiwan, or the proximity of ore in Southern Africa...
Brown is right on one count--technological progress, leading to increased productivity of labor, is the main source of growth in per capita income (as well as sectoral unemployment). But the only governmental remedy to America's declining rate of technological change would be to spend more, not less; to subsidize the turnover of older, less world-competitive industries that can still operate profitably in the protected domestic market, like steel, or to encourage research and innovation. NASA is a prime example of an effective technology-producing government agency that is highly susceptible to budget-slashing...
That is why Brown's fiscal conservatism makes no political sense. Carter is under fire from the urban groups--labor, blacks, and old-fashioned liberals--within his party. Brown has no room to maneuver on Carter's right without becoming a Republican. His inaugural address as Governor, in which he joined some 20-odd state legislatures in calling for a constitutional amendment for a balanced budget, greatly displeased the leadership of the AFL-CIO. He hurried to mollify them, unsuccessfully, at their gathering in Miami. If Brown has visions of wooing the Jarvis vote, he should consider who is more...
...coal companies are faring well in spite of the industry's travail. In the West, strip-mine operations have benefited from low labor costs and long-term contracts at profitable rates. But other companies have wound up merely digging up the coal and dumping it on the ground. Utility companies have stockpiled so much that many now have no more room to store the fuel. Meanwhile, the surplus is forcing down contract prices for single shipments, which have tumbled from about $31 a ton a year ago to as little...
...also shrewd. "I don't advise anyone to take it up as a business proposition," she wrote of her chosen métier, "unless they really have talent, and are crippled so as to deprive them of physical labor. Then with help they might make a living. But with taxes and income tax, there is little money in that kind of art for the ordinary artist." Since then, thousands of painters have ignored Grandma Moses' advice, but not one has achieved her pitch of personal celebrity...