Word: nonmarketable
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Dates: during 1970-1979
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...first formal venture into international diplomacy, Ford offered the delegates the same thing he had given the American people in his Inaugural Address, "a little straight talk among friends." The delegates who heard him agreed afterward that the President had been uncommonly blunt. "Developing and developed countries, market and nonmarket economies-we are all part of one interdependent economic system," he said. Ford went on to imply that some countries-namely the oil-producing nations -appeared to be acting less interdependently than they had a right...
Ironically, Kuznets won the Nobel Prize at a time when many younger economists argue that the G.N.P. misleads because it fails to include some "nonmarket" activities, such as home-produced food and housewives' labor, and does not account for pollution and environmental damage-the "bads" that are produced along with the "goods." But Kuznets has long warned against regarding the G.N.P. as infallible or objective. Next month he will attend a conference at Princeton that will discuss improved ways of measuring the G.N.P., and methods of accounting for pollution...