Word: levers
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Bargaining Lever. It is highly uncertain how long this impasse will last. The question of whether U.S. dollar devaluation should be part of the general change in currency values is more a matter of psychology and political prestige than of basic economics. The end result of a currency realignment accomplished either by foreign revaluations alone, or by U.S. devaluation accompanied by foreign revaluations, would be the same: the dollar would buy fewer yen, marks and other major currencies. A small dollar devaluation, however, would constitute an important symbolic recognition by Washington that the dollar's troubles are largely...
...import surcharge presents a difficult problem of timing. Getting rid of it is a high-priority item for the Europeans and Japanese, whose sales in the lush U.S. market will soon be hurt by the tax. But the Nixon Administration is reluctant to give up the bargaining lever that the surcharge provides, and the President last week hinted that the tax will be around for quite a while. Still, the Europeans' main demand at the moment is reasonable: that the U.S. spell out clearly its conditions for dropping the surcharge. The toughest issue is the size and speed...
...these conditioning feats were accomplished with the now-famous Skinner box. It is a soundproof enclosure with a food dispenser that a rat can operate by pressing a lever, and a pigeon by pecking a key. The dispenser does not work unless the animal has first performed according to a specially designed "schedule of reinforcement...
Nixon is using the surtax as a lever not merely to force the U.S.'s major trading partners to float their currencies but to make sure that those currencies float substantially upward...
Poisoned Water. Not that Wilson occupies an easy position. Caught between the party's antiMarket majority and its vocal pro-Marketeers, he cannot hope to please everyone. As Harold Lever, an ardently pro-Market M.P., put it: "Poor Harold Wilson! If he drank the water, it was poisoned. If he didn't drink, he'd die of thirst...