Word: laffer
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Dates: during 1957-1957
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...plant each year, e.g., 4% annually for 25 years, until eventually it recovers the full original cost. An obvious flaw in the system is that it makes no allowance for the speeded-up obsolescence caused by the billions going into new product research. As President William G. Laffer of Cleveland's Clevite Corp. says: "In electronics, for example, where there is a fast-changing technology, equipment is frequently outdated as soon as it is designed," and every industry, from aviation to petrochemicals, is learning that five years is frequently the maximum instead of the minimum productive life...