Word: lag
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...Friedman's analysis, a predictable slowdown in the economy began about nine months after the Federal Reserve started tightening up on the growth of money supply at the beginning of 1969. After that lag, Friedman calculates, it takes an average of still another six to nine months more before reduced output -and increasing joblessness-begin to affect prices. *Last week the Commerce Department reported that in 1970 the nation's real output of goods and services fell by .5%, but prices rose 5.3%, the steepest one-year advance since 1951. Even so, Friedman tirelessly maintains that the momentum...
...Economists have long realized that monetary restraint affects output first, prices later. Friedman for the first time articulated the typical length of the second lag last September during a speech in London. The effect is to double the delay between dosage and result that has been popularly attributed, to monetarist medicine...
...American Lag. There is a feast ahead in East-West trade, says Pisar, and he has written his book for those who want to partake of it. A Pole by birth, a survivor of Auschwitz, and a U.S. citizen by a special act of Congress, Pisar was a staff member of the Senate Foreign Trade Committee and later worked for the Kennedy Administration's trade task force. He wrote the proposals on East-West trade that became part of the 1962 Trade Expansion Act. Today, at 41, he is a Paris-based attorney whose clients include Borg Warner...
...Government's official policy is to pay wages comparable to those in private industry; every year a survey establishes how far federal salaries lag and Congress legislates to narrow the gap -the following year. Thus the average federal worker's pay trails at least twelve months behind salaries in non-Government jobs...
...London and on the Continent, the linguistic lag is sorely evident: phrases already discarded Stateside are just coming into common usage across the pond. Some Londoners estimate that it takes two years for a lively American coinage to make it as far as Chelsea. Esperantists, however, are making a valiant effort to cope more quickly. At their world convention in Vienna last week, some of the younger hotheads were talking about gruva young ladies with whom they hoped to scenumi (make the scene) in the evening...