Word: outputs
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Dates: during 1970-1979
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...Keynesianism was flourishing a decade and more ago. One shortcoming was the Keynesian assumption that supply would simply take care of itself once demand was stimulated. So long as inflation stayed low, that is in fact what happened. Even modest increases in consumer demand would bring quick jumps in output. So productive were U .S. plants and factories that they not only filled the needs of the nation's domestic market but also deluged the world with material abundance...
...skeptical, so such policies do not work any more. The public has also lost confidence in the prospect of a stable policy in the future, because monetary trends have been jumping all over the place." Increases in the money supply, he asserts, merely produce more inflation, not expansion of output...
Agriculture is in even worse shape than the mining industry. In southern Zambia, farming has been disrupted by guerrilla warfare. In the Gwembe Valley, crops are rotting in local cooperative stores because nobody wants to collect them. Most of the preindependence white farmers have left Zambia, and agricultural output has dropped accordingly. Zambia's farmers no longer grow tobacco, once a flourishing crop, nor do they produce as much corn as the country needs...
Some members are beginning to take price-boosting actions on their own. Last week Nigeria announced plans for a 10% cutback in the production of its much prized low-sulfur crude, Algeria threatened an even larger 20% cut of its own, and Kuwait indicated that it intended to reduce output by as much as 25% early next year...
...help U.S. farmers increase output, Bergland lifted the federal "set aside" requirement that has obliged them to keep 20% of their acreage out of cultivation...