Word: lags
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Dates: during 1970-1979
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...strategic plan, fully mobilize all positive factors and organize all our forces well." So said Fang Yi, Chi na's powerful but little-known Vice Premier and Minister of Science and Technology. The occasion was his announcement last year of China's audacious plan to overcome a lag of 15 to 20 years and by the year 2000 reach the scientific level of the advanced industrial world. Last week, while Teng Hsiao-p'ing politicked his way across the nation, Fang embarked on what was in effect his own separate tour of the U.S. technological landscape...
...have very little to do with worker attitudes. In the complex U.S. economy, how much an employee produces depends far less on his zeal than on his education and training, and even more on the efficiency of the machinery that he works with. The most important reasons for productivity lag...
...rise in energy costs pinches productivity hard by increasing the expense of using labor-saving machinery. So does the inexorable switch to a service economy: it is much harder for doctors, credit counselors, teachers and policemen to raise or even measure their productivity than for steelworkers. The investment lag is especially perilous: as productivity slows and costs inflate, businessmen become even more hesitant to spend on new machinery, which in turn cuts productivity and speeds inflation still further...
Even if all these strategies were adopted overnight, speeding up productivity might well take a discouragingly long time. The '70s lag in investment and R. and D., in particular, will go on harming productivity well into the '80s. But the effort must be started. A long period of sluggish productivity would mean an era of slow growth, little or no rise in living standards, persistent unemployment and high inflation?just like the '70s, only worse...
...decision to leave Cambridge last summer, the corporation did not plan on moving until this spring. However, because of a slackening of business in November which Sprague would have required a two- to three-month lay-off for a large number of workers, he felt Advent should use its lag time to move rather than wait...